Trump Presses Powell to Lower Interest Rates During Tour
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President Donald Trump and Federal Reserve Chairman Jerome Powell clashed over the central banks renovation project during a tour of the construction site July 24.
The pair spoke to reporters during a visit to oversee the restoration work being done at the central banks headquarters, with the president and the central bank leader almost immediately arguing over the cost of the project.
Powell pushed back on Trumps claims that the costs had hit $3.1 billion, shaking his head while the president spoke about the overruns. Powell then told the president his revised claim included a building that had already been completed.
Trump, asked by a reporter what he would do if a manager on one of his construction projects had gone over budget, replied bluntly.
Generally speaking, what would I do? Trump said. Id fire em.
The president also nodded to his monthslong criticism over the central banks decision to hold rates steady, which Powell has justified by citing concerns over the potential inflationary impacts of the presidents tariff hikes.
Well, Id love him to lower interest rates. Other than that, what can I tell you? Trump said.
Powell laughed as Trump knocked him on the arm. The president added that he did not want to be personal.
I just would like to see it get finished, Trump said.
(Bloomberg Television via YouTube)
The renovation at the bank has offered Trump and his allies another weapon to intensify their pressure on Powell, with critics seizing on the $2.5 billion price tag and casting the work as an extravagant project that is wasting taxpayer dollars.
The presidents visit is a rare spectacle and a dramatic public escalation of his clash with the central bank chief. While Trump has regularly lambasted Powell on social media and pushed him over interest rates during a private White House meeting in May the July 24 visit offers him the chance to voice his concerns directly on the chairmans own turf.
Powell has called reports about the renovation work inaccurate and in recent weeks, as Republican criticism intensified, made a request for the banks inspector general to review the restoration work.
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The Fed is overhauling the Marriner S. Eccles Building, its original headquarters first built in 1937, and another historic building in Washington. Earlier Thursday, Fed staff led reporters on a tour of the active construction site, which they said hosts about 700 to 800 workers daily over two shifts. Cost overruns have been driven in part by security requirements, including blast-resistant windows, officials said.泭
The Fed officials also rebutted criticisms of other restoration elements, including a since-scrapped plan for rooftop seating and an elevator being heightened by 18 inches. Still, the overall projects budget has grown to $2.5 billion in 2025 from $1.9 billion in recent years, fueling questions about overruns.泭
Trump at different times has tried to goad Powell into resigning, consulted lawmakers on whether he should fire him outright and insisted he has no plans to oust him and could wait until his term expires. Powell has given no indication that hes considering leaving early or even ruled out staying on as a regular board member once his term as chair expires in May.
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