Elon Musk Makes ‘Overstaffed’ Fed Target in Quest for Efficiency

-- Elon Musk, the billionaire tasked with making the US government more efficient come January, has zeroed in on the Federal Reserve. The central bank in charge of protecting the world’s largest economy is “absurdly overstaffed,” Musk wrote on social-media platform X. Musk has become one of Trump’s closest advisers as the latter prepares to return to the White House, and is set to lead up a new agency — called the Department of Government Efficiency — along with entrepreneur Vivek Ramaswamy. Recently, he ridiculed Powell’s role as “the greatest job in government,” saying, “you show up to the office once a month, and you say, ‘Let’s see, flip a coin.’” While Powell hasn’t responded directly, ECB President Christine Lagarde challenged Trump’s gripe, inviting him to come and observe the work of her team in Frankfurt. “We defend the euro, and we fight for the euro, just as the Fed defends the dollar, I’m sure — I don’t want to speak for Jay Powell, but I’m sure that’s how he sees his job.” More stories like this are available on bloomberg.com