Trump presses Powell to cut rates during tense visit to Fed [View all]

Source: Reuters

By Ann Saphir, Jasper Ward and Kanishka Singh
July 24, 2025 10:42 PM EDT

Summary

• US president wants borrowing costs lowered
• Trump says he will not fire US central bank chief
• White House accuses Fed of mismanaging $2.5 billion building project
• Fed expected to leave policy rates on hold at meeting next week

WASHINGTON, July 24 (Reuters) - President Donald Trump locked horns with Federal Reserve Chair Jerome Powell during a rare presidential visit to the U.S. central bank on Thursday, criticizing the cost of renovating two historical buildings at its headquarters and pressing the case for lower interest rates.

Trump, who called Powell a "numbskull" earlier this week for failing to heed the White House's demand for a large reduction in borrowing costs, wrapped up his visit to the Fed's $2.5 billion building project in Washington by saying he did not intend to fire Powell, as he has frequently suggested he would.

"To do so is a big move and I just don't think it's necessary," Trump told reporters after the visit.

In a post on his Truth Social media site, Trump later said of the renovation, "it is what it is and, hopefully, it will be finished ASAP. The cost overruns are substantial but, on the positive side, our Country is doing very well and can afford just about anything."

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Read more: https://www.reuters.com/world/us/trump-presses-powell-cut-rates-during-tense-visit-fed-2025-07-24/