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Trump Set to Head to Federal Reserve, Keeping Heat on Chair Jerome Powell
President Trump is scheduled to visit the headquarters of the Federal Reserve in Washington D.C. today, just a week after indicating that he may fire Federal Reserve Chairman Jerome Powell due to his handling of an extensive renovation project on two Fed buildings.
According to sources, Mr. Trump had a meeting with House Republicans last week where he asked lawmakers whether or not he should fire Powell. Although some have criticized Powell’s approach to interest rates, firing him would likely threaten the independence of the Federal Reserve and cause significant market volatility.
In his comments, President Trump criticized the estimated $2.5 billion cost of the renovation project, stating that it was “disgraceful.” He has been vocal in his criticism of Powell’s policies, including keeping short-term interest rates at 4.3% this year despite cutting them three times last year.
Powell has maintained that the Fed is cautious regarding rate changes due to concerns about inflation and the potential impact of President Trump’s trade tariffs on the economy.
Despite saying it’s “unlikely” he would fire Powell, Mr. Trump did confirm speaking with lawmakers about the concept of removing him from office. A majority of those consulted reportedly advised against such an action.
Trump has been at odds with Powell for months over his handling of interest rates and the Fed’s response to economic trends. The president has called for rate cuts to stimulate the economy and reduce the government’s debt costs, whereas Powell has emphasized caution in light of ongoing trade tensions and inflation concerns.
The White House has not commented on whether today’s visit is a meeting with Powell or simply an observation tour of the Federal Reserve headquarters.
CBS News contributed to this report.
Source: www.cbsnews.com
