President Donald Trump is scheduled to visit the Federal Reserve on Thursday at 4 p.m. ET. This visit comes after his ongoing criticism of Fed Chairman Jerome Powell regarding interest rates.
According to the White House, Trump will join other administration officials at the Fed’s headquarters in Washington, D.C. They are expected to tour the facility, which is undergoing a renovation that has sparked some controversy.
Trump nominated Powell to lead the Federal Reserve in 2017, but he has recently expressed frustration over Powell’s reluctance to lower interest rates. In a post on Truth Social, Trump claimed that high interest rates are hurting families and the economy. He argued that rates should be three points lower, which he believes would save the country $1 trillion annually. Trump referred to Powell as “Too Late” and accused him of lacking the courage to make necessary changes.
In early July, Powell indicated that the Fed would likely be easing monetary policy if it weren’t for concerns about tariffs and their potential impact on inflation. However, there may be shifts in policy discussions during the Fed’s upcoming interest rate committee meeting next week.
While Trump has criticized Powell, his allies have also raised alarms about the rising costs of the Fed’s renovation project, which has jumped from an estimated $1.9 billion to $2.5 billion. This issue has led to a criminal referral, accusing Powell of misleading Congress about the project’s details.
Recently, it was reported that Trump had drafted a letter to fire Powell. However, he later downplayed the idea of taking such drastic action, explaining that he could only remove Powell for specific reasons rather than just policy disagreements. Trump mentioned that a change could come in about eight months when Powell’s term ends in May 2026. He expressed a desire for lower interest rates, stating, “Our country deserves it.”
