Trump has repeatedly demanded the Chief of the Fed to cut the interest rates in the United States and has frequently raised the possibility of fire, although the president said Thursday that he would not take that measure.
“Doing doing it would be an important decision and I just don’t think it is necessary,” Trump told journalists, after visiting the renewal works of two buildings of the Fed headquarters in Washington, valued at 2.5 billion dollars.
The White House has criticized the renewal for being excessively expensive and ostentatious, which has intensified the tensions between the government and the independent supervisor of the country’s monetary policy.
The president made it clear that the reduction of loan costs remained his main priority.
“I would love to lower interest rates,” Trump said while Powell stood, with an inexpressive face.
Powell usually spends Thursday afternoon before a fees setting meeting making calls with the presidents of the Fed banks as part of their preparations for the session.
The two men, using construction helmets, walked next to each other. The meeting was silenced when Trump informed journalists that the project was estimated at 3.100 million dollars.
“I am not aware of that,” Powell said, shaking his head. Trump gave him a role, which Powell examined. “He has just added a third building,” said the Fed Chief, adding that the Martin building had completed five years ago.
Appointed by Trump in 2018 and again appointed by former president Joe Biden four years later, Powell had last met with the Republican in March, when the president summoned him in the White House to press him to lower the rates.
White House officials have intensified the pressure on Powell in recent weeks, accusing the Fed of poorly managing the renewal of 2.5 billion dollars of two historical buildings in Washington and suggesting poor supervision and possible fraud.
The Budget Director of the White House, Russell Vought, has encrypted the cost overrun in “700 million dollars and climbing.” The Treasury Secretary, Scott Besent, requested an exhaustive review of the Fed non -monetary policy operations, citing the operating losses of the Central Bank as a reason to question its expenditure on renewal.
In statements outside the work, Trump said there was no tension in his meeting with Powell and that they held a productive conversation about the rates. He added that, although the Fed construction project was complex and its costs were out of control, it wanted it to be completed.
