Trump and Powell Discuss Fed Renovation Costs and Interest Rates

Federal Reserve Renovation Cost Dispute

• 📌 President Trump and Fed Chair Jerome Powell toured the Federal Reserve headquarters, where Trump questioned the renovation cost, stating it was around $3.1 billion.
• 💬 Powell stated he was not aware of the $3.1 billion figure and had not heard it from anyone at the Fed.
• 🏗️ Trump, a real estate developer, suggested that a project manager over budget would generally be fired.

Trump's Perspective on Renovation Expenses

• 💡 Trump pointed to specific areas like opening up the basement and protecting hallways with plywood as examples of expensive construction that could have been managed differently.
• 💰 He compared the Fed project to his own renovation of the Old Post Office, which he stated was a larger project built for $200 million with high-end finishes.
• ⚠️ Trump expressed that the Fed building project seemed to have gotten out of control and was a shame.

Powell's Response and Economic Priorities

• 🤝 Powell indicated that the renovation project was a complex undertaking and avoided categorizing it as a fireable offense for himself.
• 📉 Trump reiterated his desire for the Fed to lower interest rates, stating that every point increase is worth $365 billion and impacts housing affordability.
• ✅ Both Trump and Powell seemed to agree on the importance of getting the Fed building finished and lowering interest rates.
• 🗣️ Trump mentioned that even those who previously supported higher rates are now on board with seeing them come down.