Trump "clashes" with Fed chief/ Interest rates and headquarters renovation costs in focus of meeting
President Donald Trump clashed with Federal Reserve Chairman Jerome Powell during a rare presidential visit to the central bank's headquarters.
Trump continued his campaign to pressure the Federal Reserve to lower interest rates. He visited its headquarters in Washington to see costly renovations that he said amounted to fraud.
In addition to interest rates, Trump has criticized the $2.5 billion bill to renovate the Federal Reserve's historic buildings. The president claimed that the renovation bill would now cost $3.1 billion.
"It looks like it's about $3.1 billion, up a little bit or up a lot," Trump said. Powell, visibly irritated, said he was unaware of the matter. The president backed away from previous statements in which he had suggested he would fire Powell. He added that "doing this is a big move and I don't think it's necessary. I believe he's going to do the right thing."
The visit to the Federal Reserve comes less than a week before the central bank's 19 officials gather for a two-day meeting on interest rates, where they are widely expected to leave the benchmark rate in the 4.25%-4.50% range.
Trump has called for the Federal Reserve to cut interest rates by three percentage points. The US leader has repeatedly criticized Powell, who he says is not taking the right action on US interest rates. He has also frequently mentioned the possibility of firing the Fed chairman.
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