President Trump scorned Federal Reserve Chair Jerome Powell regarding the cost of a building renovation, stating it was $3.1 billion, contradicting the Fed's $2.5 billion claim. Powell seemed taken aback as Trump included outdated renovation figures. Trump expressed that in his real estate experience, he would fire individuals for cost overruns and humorously suggested he would stop pressuring Powell if interest rates were reduced. The tour of the Fed's renovation aimed to spotlight the institution's spending and the challenges to its independence under Trump's criticisms.
President Trump publicly criticized Federal Reserve Chair Jerome Powell for the $3.1 billion renovation cost, insisting the figure was excessive compared to the Fed's stated $2.5 billion.
Trump emphasized that as a businessman he would dismiss anyone for cost overruns, suggesting he would decrease pressure on Powell if interest rates were lowered.
Trump's tour of the renovation highlighted his belief that the Federal Reserve is overly extravagant, while Powell maintained silence during the President's critiques.
The tension surrounding the Fed's renovation project reflects the broader issues of independence and pressure faced by the institution in the context of Trump's economic policies.
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