Federal Reserve Chairman Jerome Powell mentioned on Wednesday that President Trump visited the Fed’s headquarters last week, despite ongoing pressures related to interest rates affecting the White House.
Powell described the visit as “an honor,” noting that it involved a tour of renovations on the D.C. campus. He characterized the meeting as a “good visit,” even after some disagreement over the project’s scale.
“It’s not something that happens frequently for the Federal Reserve; a president visiting is quite rare,” Powell remarked after the central bank decided to keep interest rates stable.
When asked if Trump’s interest in the renovations stemmed from his dissatisfaction with the Fed’s interest rate strategy, Powell refrained from making that connection. Instead, he emphasized the shared goal between himself and Trump to expedite the renovation process.
“It was great to hear the president express his desire to complete this construction quickly. That’s our main focus,” Powell stated.
However, Powell and the Fed have faced criticism from Trump and some GOP senators regarding the renovation costs and the timeline for the project. As an independent body that funds itself, the Fed is responsible for its expenditures on building maintenance. The White House and Republican senators have accused the Fed of extravagant spending, even suggesting that Powell might be dismissed for alleged fraud.
During last week’s tour, Powell showcased various ongoing repairs, clarifying the necessity of the work needed on the Fed building to Trump. Following the tour, both officials addressed reporters, where Powell countered Trump’s claims of hidden costs, pointing out that the president referred to a building completed five years ago.
While there were brief moments of tension, Trump seemed to accept Powell’s explanations and did not pursue claims of fraud. “Look, I want to see it complete; I don’t want to categorize it negatively,” Trump commented, adding that the situation was complicated when it perhaps should have been simple.
Having acknowledged his background in construction during his years in real estate, Trump seems to have cooled on the idea of terminating Powell, though he continues to advocate for reduced interest rates.
