US president Donald Trump on Thursday visited the Federal Reserve’s renovation site in Washington, DC — and used the opportunity to take fresh shots at chair Jerome Powell.
Standing in front of the half-finished project, Trump mocked the rising costs. “It looks like it’s about $3.1 billion. It went up a little bit — or a lot,” he said, while Powell shook his head in disagreement.
Asked by a reporter how he’d handle such a budget mess as a developer, Trump didn’t hold back, “I’d fire him!”
The central bank’s renovation was originally estimated at $1.9 billion. Now, it stands at $2.5 billion. The Fed says the hike is due to inflation, old infrastructure, and post-Covid material costs. But Trump and his aides say it's more than that — calling it excessive and accusing Powell of poor oversight.
The visit was rare. Presidents usually avoid appearing to influence the independent central bank. But Trump has long clashed with Powell, criticising him for not lowering interest rates fast enough.
At the site, Trump again pushed for rate cuts. “Our country is the hottest in the world right now,” he said. “But people can’t buy homes because the rates are too high.”
The Fed is expected to hold rates steady again next week — despite mounting political pressure.
Standing in front of the half-finished project, Trump mocked the rising costs. “It looks like it’s about $3.1 billion. It went up a little bit — or a lot,” he said, while Powell shook his head in disagreement.
Asked by a reporter how he’d handle such a budget mess as a developer, Trump didn’t hold back, “I’d fire him!”
REPORTER: As a real estate developer, what would you do with the project manager who would be over budget?@POTUS: "Generally speaking, what would I do? I'd FIRE HIM!" pic.twitter.com/Pn1amYIF0q
— Rapid Response 47 (@RapidResponse47) July 24, 2025
The central bank’s renovation was originally estimated at $1.9 billion. Now, it stands at $2.5 billion. The Fed says the hike is due to inflation, old infrastructure, and post-Covid material costs. But Trump and his aides say it's more than that — calling it excessive and accusing Powell of poor oversight.
The visit was rare. Presidents usually avoid appearing to influence the independent central bank. But Trump has long clashed with Powell, criticising him for not lowering interest rates fast enough.
At the site, Trump again pushed for rate cuts. “Our country is the hottest in the world right now,” he said. “But people can’t buy homes because the rates are too high.”
The Fed is expected to hold rates steady again next week — despite mounting political pressure.
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