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United States President Donald Trump made a statement to the press during his visit to the FED headquarters together with FED Chairman Jerome Powell.
Responding to a question about whether he would retract his previous criticisms, Trump stated that he hoped Powell would lower interest rates and said that the board's decision should be taken into consideration when making interest rate decisions.
Trump also took aim at the spending plans for the Fed building renovation, saying, “Generally, if a project manager goes over budget, I fire them.” Sharing budget data for the Fed building renovation, Trump claimed the renovation cost over $3.1 billion. Powell, meanwhile, was observed shaking his head in disagreement with Trump's statements.
Trump had said in a post on social media, “We are going to the FED to see the FED construction project, which costs over $3.1 billion.”
Differences in data between Trump and Powell regarding the renovation of the Fed's Washington headquarters also drew attention. Powell announced that the renovation project is scheduled for completion in 2027. Trump, on the other hand, sarcastically criticized the process, stating that the renovation was a “difficult task.”
Trump also said the following in his statement at the end of his meeting with Powell:
- Powell told me the country was in really good shape.
- I thought it was a good meeting, no tension.
- Our meeting with Powell was very productive.
- I spoke with Powell about interest rates.
- Donald Trump on the possibility of firing Fed Chair Jerome Powell: “That would be a big step and I don't think it's necessary.”
Trump reiterated his interest in a 3-point interest rate cut.
*This is not investment advice.