The Fed will cut its staff

The Federal Reserve has said it will slash its workforce by 10 per cent in the coming years as it seeks to be a “responsible steward of public resources”.

Fed chair Jay Powell said in an internal email seen by the Financial Times that he had directed leadership at the Federal Reserve Board and its network across the US to “find incremental ways to consolidate functions where appropriate, modernise some business practices and ensure that we are right-sized and able to meet our statutory mission”.

He added: “Over the next couple of years, our overall staffing level will decline by about 10 per cent from today.”

The Federal Reserve Board in Washington employs about 3,000 people, while the entire system has 24,000 employees.

Here is the FT article.  Not a bad thing in my view.