Trump Visits Fed, Presses Powell Over Costs, Rates

President Donald Trump made a rare and highly publicized visit to the Federal Reserve's $2.5 billion renovation site, where he criticized Fed Chair Jerome Powell over increasing project costs and the Fed's reluctance to lower interest rates. Trump asserted costs had soared to $3.1 billion, but Powell disputed this number, attributing overruns to inflation and necessary work on older infrastructure. The visit intensified Trump's ongoing pressure campaign for rate cuts, which he claims would lower borrowing costs for Americans, while Powell maintained that rate decisions should be based on inflation data. Trump, though critical, suggested he expects Powell to eventually lower rates. The visit underscored the unusual tension between the White House and the Fed, as presidents typically avoid direct involvement with the central bank. The Federal Open Market Committee is scheduled to meet next week, with markets closely watching for any policy response amid this political pressure.