Fed's Powell said central bank is cutting 10% of its staff

Federal Reserve Chairman Jerome Powell said Wednesday the US central bank is undergoing a notable reduction in the ranks of those who work for the institution, according to a Reuters report.

The Fed leader, speaking in a press conference, said the central bank is currently in the process of shedding 10% of its staff and "at the end of that" Fed staffing will be where it was a decade ago, it added.

On the prospect of reforms of the Fed, Powell said "we're certainly open to constructive criticism and ways to do our jobs better," but he leaned against the need for a formal review of the central bank, the Reuters report said.

The Federal Reserve cut interest rates by a quarter of a percentage point on Wednesday and indicated it will steadily lower borrowing costs for the rest of this year, as policymakers responded to concerns about weakness in the job market in a move that won support from most of President Donald Trump's central bank appointees.