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Yahoo
6 minutes ago
- Yahoo
Trump to visit Federal Reserve headquarters as feud with its chair continues
WASHINGTON (AP) — President Donald Trump is visiting the Federal Reserve headquarters in Washington Thursday, a week after indicating that Fed chair Jerome Powell's handling of an extensive renovation project on two Fed buildings could be grounds for firing. Trump has criticized Powell for months because the chair has kept the short-term interest rate the Fed controls at 4.3% this year, after cutting it three times last year. Powell says the Fed wants to see how the economy responds to Trump's sweeping tariffs on imports, which Powell says could push up inflation. Powell's caution has infuriated Trump, who has demanded the Fed cut borrowing costs to spur the economy and reduce the interest rates the federal government pays on its debt. The Fed has been renovating its Washington headquarters and a neighboring building. With some of the construction occurring underground and as building materials have soared in price after inflation spiked in 2021 and 2022, the estimated cost has ballooned to about $2.5 billion, from $1.9 billion. When asked last week if the costly rebuilding could be grounds to fire Powell, Trump said, 'I think it is.' 'When you spend $2.5 billion on, really, a renovation, I think it's really disgraceful,' Trump said. Firing Powell would threaten the Fed's independence, which has long been supported by most economists and Wall Street investors. The Associated Press Sign in to access your portfolio
Yahoo
6 minutes ago
- Yahoo
Trump to visit Federal Reserve on Thursday, White House says
WASHINGTON (Reuters) -U.S. President Donald Trump, a strong critic of Federal Reserve Chair Jerome Powell, will visit the central bank on Thursday, the White House said. Trump has lambasted Powell repeatedly for not cutting U.S. interest rates more aggressively, referring to him as a "numbskull" on Tuesday and musing publicly about firing him. The White House said on Wednesday in a schedule it released to the media that Trump would visit the Federal Reserve at 4:00 p.m. ET (2000 GMT) on Thursday. The schedule did not say whether Trump would be meeting with Powell. A Federal Reserve official did not immediately respond to a request for comment. White House deputy chief of staff James Blair said earlier this week that administration officials would be visiting the Fed on Thursday but did not say the president would join. Trump's visit represents an acceleration of the pressure he and his advisers have put on Powell and the bank, traditionally viewed as an independent institution.
Washington Post
7 minutes ago
- Washington Post
Trump to visit Federal Reserve headquarters as feud with its chair continues
WASHINGTON — President Donald Trump is visiting the Federal Reserve headquarters in Washington Thursday, a week after indicating that Fed chair Jerome Powell's handling of an extensive renovation project on two Fed buildings could be grounds for firing. Trump has criticized Powell for months because the chair has kept the short-term interest rate the Fed controls at 4.3% this year, after cutting it three times last year. Powell says the Fed wants to see how the economy responds to Trump's sweeping tariffs on imports, which Powell says could push up inflation. Powell's caution has infuriated Trump, who has demanded the Fed cut borrowing costs to spur the economy and reduce the interest rates the federal government pays on its debt. The Fed has been renovating its Washington headquarters and a neighboring building. With some of the construction occurring underground and as building materials have soared in price after inflation spiked in 2021 and 2022, the estimated cost has ballooned to about $2.5 billion, from $1.9 billion. When asked last week if the costly rebuilding could be grounds to fire Powell, Trump said , 'I think it is.' 'When you spend $2.5 billion on, really, a renovation, I think it's really disgraceful,' Trump said. Firing Powell would threaten the Fed's independence, which has long been supported by most economists and Wall Street investors.
