Trump To Visit The Federal Reserve, Ramping Up Pressure On Jerome Powell
HuffPost
The president has lambasted the U.S. central bank chief repeatedly for not cutting interest rates more aggressively, musing publicly about firing him.
July 23 (Reuters) - President Donald Trump, a robust critic of Federal Reserve Chair Jerome Powell, will visit the central bank on Thursday, the White House said, a surprise move that escalates tension between the administration and the Fed.
Trump has lambasted Powell repeatedly for not cutting U.S. interest rates more aggressively, calling him a “numbskull” on Tuesday and musing publicly about firing him.
The Republican president, during his first term, nominated Powell to lead the bank but has since soured on his pick over disagreements about interest rates and the economy. Between Trump’s stints in office, Democratic President Joe Biden nominated Powell for a second term.
Adding fuel to Trump’s ire, White House officials have accused the Fed of mismanaging the renovation of two historic buildings in Washington, D.C., suggesting poor oversight and potential fraud. White House budget director Russell Vought has pegged the cost overrun at ”$700 million and counting.”
White House deputy chief of staff James Blair said this week that administration officials would be visiting the Fed on Thursday but did not say the president would join.
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