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Trump attacks Powell: ‘Waste at the Fed and interest rates too high’

The US president argues with the head of the Federal Reserve, criticising the costs of renovating the headquarters and reiterating his call for interest rate cuts

Donald Trump is back to attacking the Federal Reserve and its chairman Jerome Powell. This time, in addition to his usual criticism of excessively high interest rates, the US president is pointing the finger at what he calls ‘waste’ in the renovation of the Fed’s headquarters: the final cost is between $2.7 and $3.1 billion, according to Trump himself during an official visit.

In a rather unorthodox move, Trump showed Powell a document allegedly proving the extra costs. The Fed chairman, visibly surprised, replied, “I don’t know anything about that”. “It’s a building that was built five years ago,” he said, while Trump retorted, “It’s still under construction”. It was an awkward exchange, which felt more like a media stunt than a serious discussion of economic policy.

The tycoon also made a pointed remark when a reporter asked him what he would do to a manager responsible for such cost overruns, replying bluntly, ‘In general, I would fire him.’ This direct attack fuels the climate of institutional tension between the White House and the Fed.

In the second part of his speech, Trump tried to tone down his rhetoric, saying he did not want to put pressure on Powell, but he nevertheless reiterated his expectation: “I believe he will do the right thing. Everyone knows what that would be: rates must come down. The economy is doing well, but it can do even better if the Fed takes action.”

The statements confirm the increasingly impatient stance of a president who continues to turn even the most delicate aspects of economic policy into a spectacle, sparing no barbs or summary judgements on those who do not follow his instructions.

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