Trump Presses Powell on Renovation Costs, Urges Fed to Cut Interest Rates

President Donald Trump visited the Federal Reserve building on Thursday, inspecting renovation work alongside Fed Chair Jerome Powell. Both men wore hard hats as they toured the site, where Trump drew attention to ballooning construction expenses.

Trump highlighted that the project’s budget had climbed from $2.7 billion to roughly $3.1 billion. Presenting Powell with updated figures, the president suggested the Fed was underestimating costs. Powell responded that Trump may have included renovations to the Martin building, completed five years earlier, and appeared unaware of the new estimate.

Asked how he would handle a project manager responsible for such overruns, Trump remarked, “Generally speaking, what would I do? I’d fire him,” though he refrained from directly criticizing Powell’s oversight.

During the brief press event, Trump reiterated his call for lower interest rates, stating that reduced borrowing costs would benefit the U.S. economy. “I’d love him to lower interest rates, but other than that, what can I tell you?” he said. He added that the Federal Reserve’s upcoming board decision would be closely watched.

Trump also mentioned briefing Powell on a new trade agreement with Japan, describing it as a $550 billion “seed money” deal expected to boost free trade between the two nations. “We would be helped if interest rates would come down,” Trump emphasized, linking the trade deal’s potential benefits to monetary policy adjustments.

The visit underscores Trump’s ongoing focus on Federal Reserve policy, construction spending, and trade relations, signaling economic issues will remain central to his political messaging.