On Thursday, Donald Trump met Jerome Powell’s federal reserve chairman during a rare and highly promoted visit to the Fed headquarters, which sharply criticized the balloon cost of renovation before he later softened his tone in truth and said that America “can afford almost anything”.
The US President and Republican pioneer argued that the price tag for the reconstruction of the central bank increased to $ 3.1 billion, which is $ 2.5 billion compared to the previously reported and claims that the project has been unnecessary and poorly managed.
Trump stands next to Jerome Powell in Knesy in the middle of the construction site and noted, “It looks like it’s about $ 3.1 billion – it went a little or a lot.”
Powell, visibly irritated, closed his eyes and replied, “I’m not aware of that.”
Donald Trump then handed Powell a piece of paper, which he claimed to documented the updated costs. Powell, scanning the remark, explained that the number contained the past expenditure from the Martin building, a separate Fed property reconstructed five years ago.
“It’s not new,” Powell replied.
The confrontation is part of Trump’s ongoing Fed pressure campaign to reduce interest rates, the policy that insists on it is essential for economic recovery. He repeatedly criticized Powell, marked him “numb” at one point and suggested that current rates are hindering US growth.
Donald Trump’s tone will move online
Despite the Donald Trump combat exchange, he later hit a more measured tone in the truth of a social contribution that reflected the visit and the project:
“It was a great honor to see the reconstruction (and some new construction!) Federal reserves building with chairman Jerome Powell, Senator Tim Scott and others,” he wrote.
“It has a long way, it would be much better if it has never started, but it is what it is, and hopefully it will be completed as soon as possible. Cost exceeding is essential, but on the positive side our country is doing very well and can afford almost anything – even the cost of this building!
Trump also compared the Fed project with its own real estate companies and boasted its successful reconstruction of the old post office in Washington:
“The total cost of construction was a small fraction of the Fed building cost and it is many times.”
Closed the contribution by renewed pressure on money release:
“With everything that has been said, let’s finish it and even more important is the lower interest rate!”
Political pressure on the Fed amplifies
A visit to the Fed comes less than a week than 19 Central Bank policies will gather at a two -day meeting of the rate, expected to leave the central bank reference interest rate in 4.25% -4.50%.
Trump demanded Fed lower rates by three percentage points. Trump repeatedly demanded that Powell to reduce US interest rates and often increase the possibility of shooting it.
Before Trump’s visit, Fed employees accompanied a small group of reporters around the construction site. They spiced up around the riders of cement and construction machines and talked about the sound of drills, banging and saw.
Fed employees pointed to safety features, including explosion -resistant windows, saying that they were a significant drive force, except for tariffs and escalation in material and labor costs.
(Tagstotranslate) Donald Trump
