President Donald Trump strongly criticized the US Federal Reserve renovation project, calling the $3.1 billion plan a waste of taxpayer money. He spoke ahead of a press conference on crime and urban improvement in Washington, D.C. Moreover, Trump promised to block what he described as reckless government spending on one building.
Trump linked his remarks to concerns about the capital’s safety and appearance. He argued that funds should instead address urgent problems like crime and public cleanliness. Furthermore, the president claimed the US Federal Reserve renovation could be completed for $50 to $100 million. He said this approach would save billions and finish faster, while also reducing disruption.
During a tour of the Federal Reserve Building, Trump directly confronted Fed Chair Jerome Powell about the project’s costs. Trump cited a $3.1 billion figure, but Powell disagreed. Powell explained that the estimate included unrelated past work. However, Trump insisted the work still formed part of the current renovation.
Trump then pressed Powell about the possibility of cost overruns. Powell replied that he did not expect further overruns but remained ready to handle them. As a result, Trump called the renovation “very expensive” and claimed it had “got out of control.” Nevertheless, he said he wanted the project completed.
Later, Powell told reporters the renovation would not finish before 2027. Consequently, Trump called that timeline “too bad” and suggested he would have handled it differently.
Beyond the renovation, Trump continues to push the Federal Reserve for swift interest rate cuts. However, Powell has resisted, insisting that decisions must reflect economic conditions. Therefore, Trump urged the Fed’s Board of Governors to act if Powell refused to move.
Trump also attacked Powell on social media, demanding immediate and substantial rate cuts. He accused Powell of delaying too long and declared that the US Federal Reserve must “do what everyone knows has to be done.” Since the Federal Open Market Committee will not meet until mid-September, an emergency meeting remains the only way to lower rates sooner.
Ultimately, the dispute over the US Federal Reserve renovation and interest rate policy highlights the deep tensions between Trump and Powell. Both remain firm in their positions, and their public clashes continue to influence political debate and market sentiment.
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