The Federal Reserve plans to reduce its workforce by approximately 10% over the coming years, according to a memo by Chairman Jerome Powell. This reduction will primarily occur through natural attrition, meaning no immediate layoffs are expected. The decision reflects broader efforts to streamline operations and align staffing levels with current economic conditions and organizational priorities. The memo underscores the Fed’s commitment to maintaining operational efficiency while continuing to fulfill its critical monetary policy and regulatory functions. These changes aim to ensure the Fed remains adaptable in an evolving economic landscape.
— new from Axios
