Trump visits the Federal Reserve building
President Donald Trump on Thursday visited the Federal Reserve building in Washington, DC, marking a rare public event with Federal Reserve Chairman Jerome Powell. Trump has complained about the massive $2.5 billion project to renovate the building, as he and his staff continue hammering Powell for the cost of the renovation project.
Trump arrived with Republican Senators Tim Scott, Thom Tillis, and OMB Director Russ Vought, Chairman of Fannie Mae and Freddie Mac Bill Pulte as well as his Appointees to the National Capital Planning Commission, Deputy chief of staff James Blair and White House Staff Secretary Will Scharf.
'We're going to take a look, we're going to see what's happening and it's got a long way,' Trump said as the president and Powell wore hard hats and spoke to the press about the overall cost of the project.
The visit was awkward as the Federal Reserve values it's independence, even as presidents frequently gripe about its failure to react in a timely way to boost the economy. Trump slapped Powell on the arm and joked about his refusal to cut interest rates as he discussed the costs of the project.
'We would be helped if interest rates would come down but we're going to see how the board rules on that soon,' he said. The president has repeatedly criticized Powell for refusing to cut interest rates, even as inflation has slowed.
'He's a moron,' Trump said on July 1, 'You talk to the guy, it's like talking to a nothing. It's like talking to a chair,' he added on July 15. 'No personality, no high intelligence, no nothing.' Trump has since encouraged Powell to step down.
'I'd love it if he wants to resign,' Trump said on July 16, repeating earlier criticisms of him acting 'too late' on inflation. Powell has said the Federal Reserve continues to monitor the results of Trump's tariffs on inflation, before an interest rate cut could be approved.
The increased pressure on Powell over the renovation project appears a familiar tactic by Trump to give him a pretense to fire the chairman. The stock market fell when Trump floated the idea of firing Powell to Republican senators, but he later told reporters he would not do so.
The Federal Reserve briefed reporters ahead of Trump's visit, as they blamed tariffs and inflation for the increased cost of rennovating the building, as well as the increased cost of materials and security features.
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