<p>In an extraordinary show of public pressure, President Donald Trump visited the Federal Reserve’s headquarters on July 24 to tour its ongoing renovation and to directly confront Chair Jerome Powell over monetary policy and construction cost overruns. While reiterating his demand for steep interest rate cuts, Trump also dialed back recent threats to fire Powell, whom he has repeatedly criticised. The visit marks only the fourth time a sitting president has visited the Fed since its founding in 1913, and the first in modern history to coincide with overt calls to change monetary policy.</p><h2><strong>Trump demands aggressive rate cuts</strong></h2><p>Standing beside Powell in white hard hats amid the construction zone, Trump renewed his call for the Fed to slash interest rates by at least three percentage points. “I’d love him to lower interest rates,” Trump said. “It would save our country hundreds of billions of dollars.” Trump’s visit comes ahead of next week’s Federal Open Market Committee meeting, where officials are widely expected to keep the benchmark rate steady at 4.25-4.50 per cent. Markets anticipate a possible cut in September.</p><p>Powell, nominated by Trump in 2017, has maintained that decisions are guided by data and the Fed’s dual mandate of price stability and full employment. While Trump has repeatedly branded him a “numbskull” and “Too Late,” Powell has so far avoided responding.</p><h2><strong>Sparring over renovation costs</strong></h2><p>The president also took aim at the Fed’s $2.5 billion renovation of two historic buildings. Trump claimed the cost had ballooned to $3.1 billion and handed Powell a paper with what he called updated estimates. Powell corrected him, noting that the figure included an entirely separate building renovated five years earlier. “That’s a third building,” Powell said, shaking his head. “It was built five years ago.”</p><p>Fed staff later clarified that rising costs were partly due to blast-resistant windows, tariffs, and inflation in labour and materials. Trump joked that on his own projects, a cost overrun of that size would “get someone fired.” But he also stated, “I don’t want to be personal,” adding, “I just would like to see it get finished.”</p><h2><strong>Backs off firing threat, but keeps up pressure</strong></h2><p>Despite previous suggestions that Powell should resign or be removed, Trump struck a more conciliatory tone this time. “To do that is a big move, and I just don’t think it’s necessary,” he said. “I believe he’s going to do the right thing.” Trump’s Truth Social post later that day was similarly mixed. He called the renovation “a disaster” but said, “Our country is doing very well and can afford just about anything—even the cost of this building!”</p><p>The visit comes as Trump faces political heat over unrelated matters, including controversy over undisclosed files tied to Jeffrey Epstein. Still, the Fed episode is part of a broader strategy: pressure Powell to cut rates.</p><p>&nbsp;</p><p>(<i>With inputs from agencies</i>)</p>

The visit comes as Donald Trump faces political heat over unrelated matters, including controversy over undisclosed files tied to Jeffrey Epstein. Still, the Fed episode is part of a broader strategy: pressure Jerome Powell to cut rates.

In an extraordinary show of public pressure, President Donald Trump visited the Federal Reserve’s headquarters on July 24 to tour its ongoing renovation and to directly confront Chair Jerome Powell over monetary policy and construction cost overruns. While reiterating his demand for steep interest rate cuts, Trump also dialed back recent threats to fire Powell, whom he has repeatedly criticised. The visit marks only the fourth time a sitting president has visited the Fed since its founding in 1913, and the first in modern history to coincide with overt calls to change monetary policy. Trump demands aggressive rate cuts Standing beside Powell in white hard hats amid the construction zone, Trump renewed his call for the Fed to slash interest rates by at least three percentage points. “I’d love him to lower interest rates,” Trump said. “It would save our country hundreds of billions of dollars.” Trump’s visit comes ahead of next week’s Federal Open Market Committee meeting, where officials are widely expected to keep the benchmark rate steady at 4.25-4.50 per cent. Markets anticipate a possible cut in September. Powell, nominated by Trump in 2017, has maintained that decisions are guided by data and the Fed’s dual mandate of price stability and full employment. While Trump has repeatedly branded him a “numbskull” and “Too Late,” Powell has so far avoided responding. Sparring over renovation costs The president also took aim at the Fed’s $2.5 billion renovation of two historic buildings. Trump claimed the cost had ballooned to $3.1 billion and handed Powell a paper with what he called updated estimates. Powell corrected him, noting that the figure included an entirely separate building renovated five years earlier. “That’s a third building,” Powell said, shaking his head. “It was built five years ago.” Fed staff later clarified that rising costs were partly due to blast-resistant windows, tariffs, and inflation in labour and materials. Trump joked that on his own projects, a cost overrun of that size would “get someone fired.” But he also stated, “I don’t want to be personal,” adding, “I just would like to see it get finished.” Backs off firing threat, but keeps up pressure Despite previous suggestions that Powell should resign or be removed, Trump struck a more conciliatory tone this time. “To do that is a big move, and I just don’t think it’s necessary,” he said. “I believe he’s going to do the right thing.” Trump’s Truth Social post later that day was similarly mixed. He called the renovation “a disaster” but said, “Our country is doing very well and can afford just about anything—even the cost of this building!” The visit comes as Trump faces political heat over unrelated matters, including controversy over undisclosed files tied to Jeffrey Epstein. Still, the Fed episode is part of a broader strategy: pressure Powell to cut rates. (With inputs from agencies)

<p>The visit comes as Donald Trump faces political heat over unrelated matters, including controversy over undisclosed files tied to Jeffrey Epstein. Still, the Fed episode is part of a broader strategy: pressure Jerome Powell to cut rates.</p>

Trump pressures Powell at rare Fed visit, backs off firing threat

<p>Federal Reserve Chair Jerome Powell and President Donald Trump clashed during a tour of the central bank’s headquarters on Thursday, as Trump claimed renovation costs had ballooned to $3.1 billion, a figure Powell swiftly pushed back on.</p><h2><strong>Trump claims cost is higher than expected</strong></h2><p>Speaking to reporters during the visit, Trump said, “It looks like it’s about 3.1 billion. Went up a little bit, or a lot.” This figure was noticeably higher than the previously reported estimate of $2.5 billion. Standing beside him, Powell responded calmly, “I’m not aware of that, Mr President. I haven’t heard that from anybody at the Fed.”</p><p><strong>Also read: </strong><a href="https://www.wionews.com/world/can-trump-fire-fed-chief-over-a-building-renovation-fed-chair-powell-accused-of-ludicrous-2-5bn-headquarters-makeover-1753388303496"><strong>Can Trump fire Fed chief over a building renovation? Fed chair Powell accused of ‘ludicrous’ $2.5bn headquarters makeover</strong></a></p><p>Trump then pulled a document from his suit jacket to support his claim. Powell examined the paper with the help of his glasses, and clarified that the figure included the cost of another building completed five years earlier. “You included a third building,” Powell told the president.</p><h2><strong>Powell says older building is not part of current renovations</strong></h2><p>Trump insisted the third building was part of the overall project he believes has been mismanaged by Powell. But Powell explained the building “was built five years ago. It’s not new.” The exchange comes as the White House, led by top officials like James Blair and budget director Russell Vought, continues to scrutinise the Fed’s refurbishment of its Marriner S. Eccles Building.</p><h2><strong>‘I’d fire him’: Trump makes veiled jab at Powell</strong></h2><p>When asked what he would do as a developer with a project manager who overspent, Trump replied, “Generally speaking, I’d fire him.” The comment added to ongoing speculation over whether Trump is looking for a way to remove Powell before his term ends next May, though the president has since suggested he does not plan to do so.</p><h2><strong>Powell stands firm amid White House pressure</strong></h2><p>Powell, meanwhile, said he does not expect further cost overruns, but added the central bank is “ready for them” if necessary. He also reminded the press that the Fed is an independent agency and that its decisions on interest rates should remain free of political interference. To ease concerns, Powell has asked the central bank’s inspector general to investigate the renovation costs. The Fed has also published an explainer on its website outlining the reasons behind the increase. As the tour continued, Trump quipped that there was something Powell could do to improve the situation, “I’d love him to lower interest&nbsp;rates.”</p>

During a visit to the Federal Reserve, Donald Trump claimed renovation costs had risen to $3.1 billion, far above the reported $2.5 billion. Fed Chair Jerome Powell pushed back, calmly noting the higher figure included a separate building completed years earlier.

Federal Reserve Chair Jerome Powell and President Donald Trump clashed during a tour of the central bank’s headquarters on Thursday, as Trump claimed renovation costs had ballooned to $3.1 billion, a figure Powell swiftly pushed back on. Trump claims cost is higher than expected Speaking to reporters during the visit, Trump said, “It looks like it’s about 3.1 billion. Went up a little bit, or a lot.” This figure was noticeably higher than the previously reported estimate of $2.5 billion. Standing beside him, Powell responded calmly, “I’m not aware of that, Mr President. I haven’t heard that from anybody at the Fed.” Also read: Can Trump fire Fed chief over a building renovation? Fed chair Powell accused of ‘ludicrous’ $2.5bn headquarters makeover Trump then pulled a document from his suit jacket to support his claim. Powell examined the paper with the help of his glasses, and clarified that the figure included the cost of another building completed five years earlier. “You included a third building,” Powell told the president. Powell says older building is not part of current renovations Trump insisted the third building was part of the overall project he believes has been mismanaged by Powell. But Powell explained the building “was built five years ago. It’s not new.” The exchange comes as the White House, led by top officials like James Blair and budget director Russell Vought, continues to scrutinise the Fed’s refurbishment of its Marriner S. Eccles Building. ‘I’d fire him’: Trump makes veiled jab at Powell When asked what he would do as a developer with a project manager who overspent, Trump replied, “Generally speaking, I’d fire him.” The comment added to ongoing speculation over whether Trump is looking for a way to remove Powell before his term ends next May, though the president has since suggested he does not plan to do so. Powell stands firm amid White House pressure Powell, meanwhile, said he does not expect further cost overruns, but added the central bank is “ready for them” if necessary. He also reminded the press that the Fed is an independent agency and that its decisions on interest rates should remain free of political interference. To ease concerns, Powell has asked the central bank’s inspector general to investigate the renovation costs. The Fed has also published an explainer on its website outlining the reasons behind the increase. As the tour continued, Trump quipped that there was something Powell could do to improve the situation, “I’d love him to lower interest rates.”

<p>During a visit to the Federal Reserve, Donald Trump claimed renovation costs had risen to $3.1 billion, far above the reported $2.5 billion. Fed Chair Jerome Powell pushed back, calmly noting the higher figure included a separate building completed years earlier.</p>

'Generally speaking, I’d fire him': Trump clashes with Powell on camera over Fed’s '$3.1 billion' headquarters cost

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Trump pressures Powell at rare Fed visit, backs off firing threat

Trump clashes with Powell on camera over Fed’s '$3.1 billion' headquarters cost