Trump and Federal Reserve Chairman Jerome Powell obtained into a clumsy on-camera conflict in the course of the president’s tour of the Fed’s headquarters.
As President Donald Trump vowed to make Washington, D.C. “safer and extra lovely,” he additionally vowed to cease individuals from spending billions to repair up a constructing when there are different issues to unravel, referring to the renovation of the Federal Reserve Constructing in Washington, D.C.
In a Reality Social submit on Sunday, Trump introduced he can be holding a press convention on crime and “beautification” within the Press Briefing Room of the White Home on Monday morning. The occasion, he famous, won’t solely contain ending “Crime, Homicide and Loss of life” within the nation’s capital, but in addition will deal with “Cleanliness and the Normal Bodily Renovation and Situation of our as soon as lovely and effectively maintained Capital.”
“We aren’t going to permit individuals to spend $3.1 Billion {Dollars} on fixing up a constructing, just like the Federal Reserve, which may have been executed in a much more elegant and time delicate method for $50 to $100 Million {Dollars},” Trump wrote. “The Renovation would have truly been higher, and would have saved $3 Billion {Dollars}, Site visitors James and unending Building.”
The remark was Trump’s newest public assault towards Federal Reserve Chairman Jerome Powell and his management on the central financial institution, regardless of appointing him because the Federal Reserve chair in 2017.
FOUR KEY TAKEAWAYS FROM TRUMP’S VISIT TO THE FEDERAL RESERVE WITH POWELL
U.S. President Donald Trump factors to a doc as Federal Reserve Chair Jerome Powell fact-checks the numbers on it throughout a tour of the Federal Reserve Board constructing, which is at present present process renovations, in Washington, D.C., July 24, 2025. (REUTERS/Kent Nishimura/File Photograph / Reuters)
In a tense second in entrance of the media final month, Trump and Powell disagreed over the estimated value of the renovation. Trump stated the undertaking had an estimated value of $3.1 billion, to which Powell shook his head.
“I’m not conscious of that,” Powell advised the president.
Trump then pulled out a doc to indicate Powell, presumably exhibiting the associated fee he cited earlier than. The Federal Reserve chair learn the doc on the spot and stated the quantity Trump cited included a undertaking that was accomplished years in the past.
The president tried to defend his declare, saying the constructing in query was “a part of the general work.”
Powell, although, fired again, saying, “It’s not new.”
TRUMP INSISTS ‘NO TENSION’ WITH POWELL AFTER MEETING DESPITE AWKWARD CLASH ON CAMERA OVER RENOVATION COST
Federal Reserve Chairman Jerome Powell testifies earlier than the Senate Committee on Banking, Housing, and City Affairs throughout a listening to to “look at the Semiannual Financial Coverage Report back to the Congress” on Captiol Hill on June 25, 2025, in Washington, D (Kent Nishimura/Getty Pictures / Getty Pictures)
Trump requested Powell if he anticipated there to be “any extra extra value overruns” within the renovations and the Fed chair stated no, however that “we’re prepared for them.”
Later within the tour, Trump known as the renovation a “very costly undertaking” that “obtained uncontrolled,” although he added “that occurs. It’s a disgrace.”
Trump advised reporters on the Fed constructing that it was “too unhealthy it began,” however that he “wish to see it get completed.”
The tip date for the undertaking is perhaps additional away than the president beforehand hoped, as Powell stated to reporters that the Fed didn’t anticipate renovations to be accomplished by 2027.
TRUMP COMPARES TALKING TO POWELL TO ‘TALKING TO A CHAIR’ WHILE TOUTING HIS OWN ECONOMIC PREDICTIONS
U.S. President Donald Trump and Federal Reserve Chair Jerome Powell communicate throughout a tour of the Federal Reserve Board constructing, which is at present present process renovations, in Washington, D.C., July 24, 2025. (REUTERS/Kent Nishimura / Reuters)
The president has additionally just lately known as on the chairman to chop rates of interest to spice up the economic system, which Powell refused to do.
Earlier this month, Trump took to his Reality Social platform to induce the Federal Reserve’s Board of Governors to take management from Powell if he resisted speedy rate of interest cuts.
“Jerome ‘Too Late’ Powell, a cussed MORON, should considerably decrease rates of interest, NOW,” Trump wrote. “IF HE CONTINUES TO REFUSE, THE BOARD SHOULD ASSUME CONTROL, AND DO WHAT EVERYONE KNOWS HAS TO BE DONE!”
The Federal Reserve determines its rate of interest coverage collectively via a 12-member panel referred to as the Federal Open Market Committee (FOMC), which votes on these selections with every member – together with Powell – receiving one vote.
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The FOMC is not scheduled to satisfy once more till Sept. 17-18, which would go away an uncommon emergency assembly as the one avenue by which policymakers may reduce charges forward of time.
FOX Enterprise’ Eric Revell and Rachel Wolf contributed to this report.
