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President Trump criticizes Fed Chair Powell, focusing on interest rates and renovation costs, raising concerns about potential impacts on Fed independence.

Trump to Visit Fed Amid Criticism of Powell's Leadership

Amid escalating tensions, Trump criticizes Fed Chair Powell's management of interest rates and renovation costs, inviting scrutiny over the Fed's independence ahead of a crucial Washington visit.

Trump Challenges Powell Over Federal Reserve Issues

President Trump plans to visit the Federal Reserve to address concerns over Fed Chair Powell, mostly due to interest rates and costly renovations. This visit highlights tensions and potential risks to Fed independence if Powell's dismissal is pursued.

Washington, Jul 24 (AP) &mdash; President Donald Trump is set to visit the Federal Reserve headquarters in Washington this Thursday, a week following his suggestion that Fed Chair Jerome Powell's management of a large-scale renovation project at two of the Fed's buildings could justify his dismissal.
For several months, Trump has been expressing his dissatisfaction with Powell, due to the Fed maintaining the short-term interest rate under his leadership at 4.3 percent this year. This comes after the rate was cut three times the previous year. Powell maintains that the Federal Reserve aims to gauge the economic impact of Trump's extensive tariffs on imports, which he believes could trigger inflation.
Trump's frustration with Powell's cautious approach has intensified, prompting his insistence on the Fed to lower borrowing costs to boost economic growth and decrease the interest payments on federal debts.
The Federal Reserve has been undertaking renovations on its Washington headquarters as well as an adjacent building. The project's expenses have significantly increased to approximately USD 2.5 billion from an initial estimate of USD 1.9 billion. The reasons for the rise include underground construction activities and soaring building material costs following the inflation surge in 2021 and 2022.
In a response to a query last week, Trump stated that the extravagant renovation spending could indeed be a valid reason for dismissing Powell, saying, &ldquo;I think it is.&rdquo; He further commented, &ldquo;When you spend USD 2.5 billion on, really, a renovation, I think it's really disgraceful.&rdquo;
Ousting Powell could potentially jeopardize the independence of the Federal Reserve, a principle widely endorsed by economists and investors on Wall Street. (AP) GRS GRS
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(Only the headline of this report may have been reworked by Editorji; the rest of the content is auto-generated from a syndicated feed.)
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