Trump Visits Fed, Reverses Threat to Fire Chair Powell

US President Donald Trump made a rare visit to the Federal Reserve headquarters, marking the first such visit by a sitting president in nearly 20 years. During the visit, Trump criticized the $2.5 billion renovation project of the Fed's buildings, expressing frustration over cost overruns but acknowledged that firing Fed Chair Jerome Powell was "a big move" and stated he does not plan to remove him despite previously calling him a "numbskull." Trump emphasized his desire for significantly lower interest rates, urging Powell to reduce borrowing costs, although Powell defended the renovation expenses and attributed overruns to security needs and other challenges. Despite tensions during the tour, both Trump and Powell described their interaction as productive and with "no tension." Experts have noted that Trump’s decision not to fire Powell likely reflects concerns over the potential negative global market reaction, highlighting the importance of the Fed's independence and institutional stability.