Trump Critiques Federal Reserve Chair Powell During Visit Amid Renovation Controversy

President Donald Trump engaged in a heated exchange with Jerome Powell, the Chair of the Federal Reserve, during a rare visit to the central bank's headquarters in Washington. Trump is currently campaigning vigorously to persuade the Fed to lower interest rates, and he took this opportunity to also address what he deems excessive costs related to renovations at the Fed’s historical buildings, referring to them as akin to fraud.

The confrontation became particularly tense when Trump labeled Powell a “numbskull” for the Fed's recent decisions concerning interest rates. He criticized the projected renovation expenses, initially cited at $2.5 billion, suggesting that the total would actually rise to $3.1 billion. Standing in hard hats within the ongoing construction site, Trump discussed the expenses with Powell, who appeared visibly annoyed and responded that any increase included costs from an earlier renovation of another building.

When pressed by a reporter on how he would handle a project manager exceeding the budget, Trump replied that he would terminate their employment. He expressed a desire for the renovation to be completed but seemed to backtrack on previous statements suggesting he might fire Powell, stating instead that he did not believe such an action was necessary and clarified his confidence in Powell's ability to make the right decisions.

Trump’s visit comes shortly before a crucial meeting of the Fed's policymakers, where they are expected to maintain the current interest rate between 4.25% and 4.50%. He has persisted in advocating for a drastic three percentage point cut in rates, while also hinting at the possibility of Powell's dismissal. Before Trump’s arrival, Fed employees led a small group of reporters through the renovation site, highlighting security improvements and materials costs as factors driving the overall budget.