Trump Pressures Fed Chair Powell Over Costly Renovation and Interest Rates
Main Idea
President Donald Trump publicly pressured Federal Reserve Chair Jerome Powell to lower interest rates and criticized the costly $2.5 billion renovation of the Marriner S. Eccles building, which exceeded its original budget.
Key Points
1. Trump urged Powell to lower interest rates during a public appearance, emphasizing his dissatisfaction with current monetary policy.
2. The Federal Reserve's renovation project for the Marriner S. Eccles building has seen costs rise from an initial $1.9 billion to $2.5 billion due to inflation and supply chain issues.
3. Completion of the renovation is expected by fall 2027, with full occupancy targeted for March 2028.
4. White House Budget Director Russell Vought accused Powell of violating oversight rules during the project, though Powell stated the Fed complied with oversight voluntarily.
5. The renovation includes extensive updates to the building's systems, managed by the Federal Reserve.
Description
Trump pressures Fed’s Powell on rate cuts amid costly $2.5B Fed building renovation overruns. Fed denies wrongdoing as renovation costs rise due to inflation, security, and delays. Renovation ongoing, completion set for 2027; Fed asserts independent budget and oversight compliance. President Donald Trump publicly addressed Federal Reserve Chair Jerome Powell during a visit to the Fed’s Washington headquarters, intensifying ongoing tensions over monetary policy and the Federal Reserve’s costly bu...
Latest News
- Market Dip or Bullish Pause: Why These 4 Cryptos Still Have Strong Momentum2025-07-26 08:51:07
- BitMEX’s Arthur Hayes Buys 2.16M ENA Tokens as Price Eyes New Highs2025-07-26 07:48:33
- Hold Me Secures Deal With Synthetic Darwin for AI Integration2025-07-25 21:29:27
- Tether’s Mining OS Set to Go Open Source by End-of-Year, Confirms Paolo Ardoino2025-07-25 17:56:24
- Top 3 Underrated Altcoins Under $1 for 100x Gains in 20252025-07-25 17:20:29