Trump Criticizes Fed Renovation Costs During Visit to Central Bank
Donald Trump clashed with Federal Reserve chair Jerome Powell on Thursday during an unusual presidential visit to the central bank’s headquarters.
Trump intensified his push for the Fed to lower interest rates while touring the Washington headquarters and scrutinizing expensive renovations he has previously implied were wasteful.
Having previously called Powell a "numbskull" for the Fed’s refusal to cut rates, Trump increased pressure on the chairman by questioning the $2.5 billion budget for upgrading the Fed’s historic buildings.
Wearing hard hats inside the construction zone, Trump urged Powell to step closer before claiming the renovation costs had risen to $3.1 billion.
“It looks like it’s about $3.1 billion—it went up a little bit or a lot,” Trump said. Powell, typically composed, appeared visibly frustrated, closing his eyes and shaking his head. “I am not aware of that,” he replied.
When Trump handed him a document, Powell read it and explained that the figure included past renovations to the Martin Building, a separate Fed office updated years earlier. “It’s not new,” Powell stated.
Asked by a reporter how he would handle a project manager exceeding budgets, Trump responded, “I’d fire him.”
“I’d like to see this finished,” Trump added. “But I’m not putting it in that category.”
The president distanced himself from earlier remarks suggesting he might dismiss Powell, an idea that had unsettled markets. “That’s a big step, and I don’t think it’s necessary. I believe he’ll do the right thing,” Trump said.
The visit occurred just days before the Fed’s 19 policymakers meet to discuss interest rates, with expectations that they will maintain the current benchmark range of 4.25% to 4.50%.
Trump has repeatedly called for a three-percentage-point rate cut and has often hinted at Powell’s removal.
Before Trump’s arrival, Fed officials guided a small press group through the construction area, navigating around machinery and loud equipment. Staff highlighted security upgrades, such as blast-resistant windows, citing tariffs and rising material and labor costs as key factors driving expenses.
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