Trump tours Federal Reserve, urges Powell to lower interest rates

Investing.com -- President Trump toured the Federal Reserve building on Thursday, standing awkwardly alongside Fed Chair Jerome Powell as both men wore hard hats during the inspection of ongoing renovations.

During the tour, Trump focused on construction costs, pointing out that the renovation budget had increased from $2.7 billion to approximately $3.1 billion. The president showed Powell a piece of paper with updated cost figures, though Powell appeared unaware of the new estimate.

"I don’t know who does that," Powell responded when presented with the higher figures, explaining that Trump might be including the Martin building renovation, which was completed five years ago.

When asked what he would do with a project manager who went over budget, Trump replied bluntly, "Generally speaking, what would I do? I’d fire him." However, he declined to make personal comments about Powell’s oversight of the project.

Trump expressed his desire for lower interest rates multiple times during the brief press conference. When asked if there was anything Powell could say to make him back off earlier criticism, Trump responded, "Well, I’d love him to lower interest rates, but other than that, what can I tell you?"

The president also mentioned briefing Powell on a recent trade deal with Japan, claiming the agreement would bring $550 billion in "seed money" while opening Japan to free trade.

"We would be helped if interest rates would come down," Trump stated. "We’re going to see how the board rules on that soon. I’d love to see them come down a lot."

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