Trump visiting Federal Reserve amid push for Powell to cut interest rates
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President Donald Trump is set to visit the Federal Reserve building on Thursday to observe its renovations as he continues his campaign to pressure the agency to cut interest rates.
The White House announced Wednesday that Trump administration officials and the president were visiting the site. According to the Associated Press, the Federal Reserve has been renovating its headquarters and adjacent building for a $2.5 billion project.
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Trump’s pressuring Powell to slash interest rates
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President Donald Trump has criticized Federal Reserve Chairman Jerome Powell because he has kept the short-term interest rate the Federal Reserve controls at 4.3% in 2025, after slashing rates three times last year.
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RELATED: Trump ‘not planning’ to fire Fed Chair Jerome Powell, despite reports
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FILE-President Donald Trump arrives for a reception with Republican members of Congress in the East Room of the White House in Washington, D.C. on July 22, 2025. (Yuri Gripas/Abaca/Bloomberg via Getty Images) –> <!–>
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Powell told the Associated Press that the Federal Reserve wants to see how the economy responds to Trump’s tariffs on imports, which Powell explained may drive up inflation.
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The Federal Reserve chair’s prudent approach has incensed Trump, who has demanded the Fed cut borrowing costs to drive the economy and lower the interest rates the federal government pays on its debt.
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Trump has previously called on Powell to resign and even suggested he could be fired, but recently, the president said he wasn’t planning to remove the Fed chair.
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The AP noted that Trump appointed Powell during his first term in the White House, and President Joe Biden extended Powell’s tenure. Powell’s term doesn’t end until May 2026, and he’s previously said that he will serve in his role until that time.
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The Source: Information for this story was provided by the Associated Press and previous LIVENOW from FOX reporting. This story was reported from Washington, D.C.
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