Federal Reserve to cut workforce by 10 percent

The U.S. Federal Reserve plans to slash its workforce by 10 percent in the coming years, according to a memo sent by the central bank’s chair Jerome Powell to employees on Friday.

Powell reportedly instructed leadership at the Federal Reserve Board and its network across the U.S. to “find incremental ways to consolidate functions where appropriate, modernize some business practices and ensure that we are right-sized and able to meet our statutory mission”.

The Fed’s decision comes as President Donald Trump’s administration has called for reducing the size and scope of the federal government.

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

The 34th Arab League Summit kicked off in the Iraqi capital Baghdad on Saturday, bringing together the bloc’s 22 member states, along with a number of regional and international organizations, to address critical challenges facing the Arab world.

The summit yielded a final statement, in which the leaders of the bloc’s 22 member states urged “an immediate halt to the war in Gaza and all hostilities exacerbating civilian suffering.” They also reiterated their rejection of forced displacement of the Palestinian people.

The statement also addressed other issues across the Arab world, including Sudan, Lebanon, Syria, Libya, and Yemen, and reiterated the Arab leaders’ condemnation of all forms of terrorism, particularly the terrorist acts by the Islamic State (IS) group.

As the presiding nation, Iraq advanced initiatives addressing security, counterterrorism, reconstruction, and multilateral mechanisms, demonstrating its engagement in shaping regional agendas and its transition from a “conflict victim” to a “facilitator of consensus”.

“The importance of this summit lies in its timing amidst turbulent Middle East situations. Iraq hopes to restore its position in the Middle East and Arab world by hosting this summit, while also demonstrating its current political stability to the world, breaking external ambiguous perceptions about Iraq’s situation. The very convening of the summit is a positive signal,” said Mazen Qasim Al-Shams, professor at the Center for Strategic and International Studies of the University of Baghdad.

Some observers noted that the political messages sent by the summit have provided an important opportunity for member states to implement consensus, strengthen regional cooperation and build trust.

“If multiple hotspot situations remain tense in the Middle East, comprehensive stability will be difficult to achieve. Middle East stability benefits all parties – this stems not just from interests but changing perceptions. There are emerging reconciliation signs between Saudi Arabia and Yemen aimed at ending long-term conflicts. I believe this situation will similarly have positive influence on the Lebanon issue,” said Ahmed Adnan al-Mayali, assistant dean of the College of Political Science for Scentific Afairs at the University of Baghdad.