Trump to visit Fed as pressure on Powell mounts
Summary
President Trump plans to visit the Federal Reserve, marking the first such visit by a sitting president in nearly 20 years. The visit comes amid ongoing criticism from Trump toward Fed chairman Jerome Powell, primarily over interest rates and a costly renovation project. Despite past discussions of firing Powell, Trump has indicated it is unlikely to happen.Key Facts
- President Trump's visit to the Federal Reserve is the first by a sitting president in almost 20 years.
- Trump criticizes Jerome Powell, the Fed chairman, over slow interest rate cuts and a costly renovation.
- The renovation, approved in 2017, is undergoing a $2.5 billion upgrade, criticized by the White House as mismanaged.
- Trump has considered but is unlikely to fire Powell due to legal constraints.
- The Fed is expected to keep interest rates unchanged in an upcoming meeting.
- Under U.S. law, Fed governors can only be removed for major misconduct.
- The renovation project includes updating two old buildings, with complications such as unexpected asbestos.
- Trump initially appointed Powell in 2017, and Powell's current term ends in May 2026.
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