The Associated Press
Interest rates are central to Trump’s continuing feud with Fed chair Powell
Fri, 25 Jul 2025 07:29:46 GMT
President Donald Trump publicly scorns Fed. Reserve Chair Jerome Powell for renovation costs as the two toured the building. Trump says the project cost $3.1 billion as Powell figures out the new, higher figure includes a renovation that was finished five years ago.
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President Donald Trump visited the Federal Reserve headquarters in Washington Thursday, where he publicly scorned Fed chairman Jerome Powell over the costs of a long-planned, roughly $2.5 billion renovation project, and sparred with Powell, who challenged the president’s latest price tag as incorrect.
Trump has previously indicated that Powell’s handling of the extensive renovation project on two agency buildings could be grounds for firing. But on Thursday, when asked if the rising costs of the Fed’s renovation was a “fireable offense,” Trump said, “I don’t want to put this in that category.”
Trump has criticized and threatened to fire Powell for months for keeping the short-term interest rate the Fed controls at 4.3% 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. If Trump were to undermine the Fed’s independence, it could reduce the Fed’s ability to calm financial markets and stabilize the U.S. economy.
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