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Abrupt Ousters, Public Missteps Sink Morale Inside New York Fed

On Wall Street, concerns about John Williams’ leadership of the Fed’s most important regional reserve bank keep growing.

The U.S. flag hangs on the facade of the Federal Reserve Bank of New York headquarters in downtown Manhattan.

The U.S. flag hangs on the facade of the Federal Reserve Bank of New York headquarters in downtown Manhattan.

Photographer: Daniel Acker

Updated on

As the financial world watches the White House turn up the heat on the Federal Reserve in Washington, another Fed drama has been playing out right on Wall Street’s doorstep.

An unusual level of internal tension broke out in recent weeks at the fortress-like Federal Reserve Bank of New York in lower Manhattan.