7/25/2025–|Last update: 13:53 (Mecca time)
US President Donald Trump argued with the Federal Reserve Chairman (US Central Bank) Jerome Powell during a rare visit to Al -Candazi on Thursday, criticizing the cost of renewing two historic buildings at the main headquarters and calling for reducing interest rates.
Trump concluded his visit by noting that he does not intend to dismiss Powell, contrary to what was mentioned repeatedly, and told reporters after the visit, “Do this is a big step and I do not think it is necessary.”
A few days ago, Trump described Powell as a “fool” because he did not respond to the White House’s demand with a significant reduction in borrowing costs.
In a post on the Truth Social platform, Trump later wrote about renewal work and cost $ 2.5 billion, “We hope that it will be completed as soon as possible. The costs are large but positively, our country is in very good condition and can bear anything.”
The tension clearly overwhelmed Trump Powell on the site of the huge renewal project of the Reserve Council, and represents an escalation of the White House pressure on the central and Trump’s efforts to carry Powell to “do the right thing” regarding interest rates.
The visit took place less than a week before the 19 -day monetary policy policy makers meeting to determine the course of interest rates.
It is widely expected to maintain the standard interest rate in the range of 4.25-4.50%.
The US President always calls on the head of the Central Reserve to reduce interest rates by 3 percent or more.
“I would like to reduce interest rates,” Trump said at the end of his visit at a time when Powell was standing next to him, and his face without expressions.
The meeting increased tension when Trump told the journalists that the cost of the project is now estimated at up to $ 3.1 billion, and Powell responded to his head, “I am not aware of this” that the president handed him a paper examined by Powell, who said, “I just added a third building,” noting that the Martin building was completed 5 years ago.
Trump was appointed Powell in this position during his first presidential term in 2018, then he was assigned former President Joe Biden after 4 years.
The Reserve Council said that the project – the first full renewal of buildings since their construction about a century ago – has faced unexpected challenges, including limiting toxic substances and higher costs of estimates for materials and employment.
The council supported what it said with documents published on its website.
The project of renewing the US Central Central headquarters began in 2022, and is scheduled to be completed by 2027.