Fed watchdog finds mismanagement, no criminality in $2.4bn renovation

The Federal Reserve's inspector general reported mismanagement in the $2.4bn building renovation, inflating costs, but found no criminal violations as alleged by Trump administration prosecutors. The report follows Trump's criticism of the project amid his attempts to pressure then-Fed Chair Jerome Powell on interest rates. This clears the Fed of criminal wrongdoing but highlights governance failures, potentially affecting political narratives around Fed independence.