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Trump visits Federal Reserve amid renovation dispute

Trump confronted Jerome Powell over skyrocketing renovation costs during his visit.

July 24, 2025 at 09:07 PM

Trump visits the Federal Reserve, tussles with Jerome Powell : NPR

President Trump visited the Federal Reserve and confronted Jerome Powell about rising renovation costs.

Trump clashes with Powell over Federal Reserve renovation costs

During a recent visit to the Federal Reserve, President Trump inspected the ongoing renovations and publicly disagreed with Fed Chair Jerome Powell about the project's costs. Initially estimated at $1.9 billion, expenses have soared to $2.5 billion, with Trump suggesting they may now be as high as $3.1 billion. Powell refuted this claim, asserting that the additional costs Trump mentioned were associated with a separate completed building. Trump's visit is notable as it marks the first presidential visit to the Fed since 2006, diverging from tradition respecting the central bank's independence in economic matters.

Key Takeaways

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Trump's visit to the Fed is historically significant as it breaks a long-standing tradition of presidential distance.

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The cost of the Fed's renovation project is a politically charged issue, reflecting broader budgeting concerns.

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Tensions between Trump and Powell indicate a potential shift in how the presidency interacts with the central bank.

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Trump's remark on increasing costs might signal an attempt to discredit Powell's leadership.

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The Fed's independence is critical for global market stability, a principle under threat from recent political actions.

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A push to fire Powell could destabilize financial markets and create legal challenges.

"So we're taking a look, and it looks like it's about 3.1 billion dollars."

Trump claims about renovation costs during the visit.

"I haven't heard that from anybody at the Fed."

Powell's response to Trump's exaggerated cost claim.

"I'd love him to lower interest rates, but other than that, what can I tell you?"

Trump attempts to soften his criticism of Powell.

"An attempt to fire Powell would likely roil financial markets and lead to a huge legal fight."

Insight into the potential consequences of Trump's threats.

This encounter highlights the growing tension between the President and the Federal Reserve. Trump's pressure tactics to lower interest rates contrast sharply with Powell's commitment to maintaining the Fed's independence. As inflation concerns mount, the rhetoric between Trump and Powell may introduce volatility in financial markets. The situation underscores the delicate balance essential for investor confidence.