President Donald Trump confronted Federal Reserve Chair Jerome Powell about the high costs of renovating buildings at the Fed headquarters, criticizing the project estimated at $3.1 billion and advocating for lower interest rates. Trump called Powell a 'numbskull' for not adhering to calls for a rate cut of 3 percentage points or more. Despite tensions, Trump stated he would not fire Powell, suggesting that the decision would be too significant. He later expressed optimism about the economy's ability to handle costs, urging for improvements in interest rates during his visit.
President Trump criticized the cost overruns of the Federal Reserve’s building project and reiterated his demand for significant interest rate cuts, calling Powell a 'numbskull'.
During the visit, Trump stated he did not intend to fire Powell, mentioning, 'To do so is a big move and I just don't think it's necessary.'
Trump remarked on Truth Social that the renovation cost overruns are substantial but expressed optimism about the country's economic capability: 'Our country is doing very well and can afford just about anything.'
Trump emphasized his desire for lower interest rates, stating, 'I'd love him to lower interest rates,' during a tense moment with Powell at the Fed headquarters.
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