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Powell: The Fed is laying off 10% of its staff.
On September 18, Jin10 reported that Fed Chairman Powell stated that the number of Fed employees is significantly decreasing, with the Fed currently laying off 10%. “After the layoffs are completed,” the number of Fed employees will return to the level of 10 years ago. When talking about the prospects for Fed reform, Powell expressed, “We certainly welcome constructive criticism and ways to do our job better,” but he does not believe that there is a need for a formal review of the Fed.