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Trump argues with Powell at the site on the cost of renovation but gives up on the idea of firing him
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Hello everyone, today XM Forex will bring you "[XM Forex Official Website]: Trump and Powell argued about the cost of renovation at the construction site, but gave up the idea of firing him." Hope it will be helpful to you! The original content is as follows:
U.S. President Trump and Fed Chairman Powell had an argument in front of the media on Thursday (July 24).
This amazing bull-head incident happened when Trump began a rare visit to the Fed, widely seen as the latest chapter in his pressure action, demanding that Powell cut interest rates or resign as Fed chairman.
But Trump also said he was giving up considering firing Powell, though he raised this unprecedented, legally controversial idea earlier this month.
Trump told reporters after a brief argument with Powell: "It's a big move, and I just don't think it's necessary." Trump added: "I believe he will do the right thing."
President Trump visited a construction site in the Federal Reserve, where two historic Fed buildings are undergoing expensive renovations for years. Renovation has recently become the focus of Trump's criticism of Powell.
Short after Trump arrived, he and Powell were seen visiting the scene together, both wearing white hard hats.
They found reporters there, and Trump asserted that the construction costs of the two ongoing Fed buildings had exceeded $3.1 billion.
Powell replied: "I haven't heard of it from anyone." He said Trump increased the cost of a third administration building, which was "built five years ago."
Trump responded: "So we have to look at, we have to see what's going on, there's still a long way to go."
When the reporter askedWhen whether Powell could say something to get Trump to take back his criticism, Trump said: "I hope he cut rates."
Trump's tone was even more eased late Thursday, and he wrote on TruthSocial that it was a "great honor" to visit the scene with Powell.
He wrote: "There is a long way to go, and it would be better if it didn't start, but that's it, hope it will be done as soon as possible." "The cost is overspent, but on the positive side, our country is doing well and can afford anything, even the cost of this building!" Trump said before his arrival that Republican Senators Scott and Tillis, as well as several administration officials including Federal Housing and Finance Director Pulte, will be heading with him.
Pulte is one of Powell's toughest critics and one of the most outspoken supporters of the Trump administration's call for the removal of Powell. "Powell must resign," Poulter wrote on X earlier Thursday.
Trump has been asking Powell to cut interest rates immediately and accusing him of incompetence and political bias. It was originally Trump nominated Powell as chairman of the Federal Reserve in 2017.
Key interest rates determine the overnight lending rate between banks, but they can also affect a variety of consumer products.
The Federal Reserve lowered its key interest rate by a full percentage point in the second half of 2024, putting it in the range of 4.25%-4.5%. But the Fed has kept interest rates stable since December, angering Trump, who claimed that a sharp cut would save the U.S. hundreds of billions of dollars in interest costs.
In 2024, US Treasury interest payments exceeded US$1.1 trillion.
The market generally believes that the Fed will remain silent at next week's meeting, but may cut interest rates in September and once again before the end of the year.
Trump tried to nickname Powell "too late". Last week, he asked the house Republicans all over the house if they thought he should fire the Fed chairman.
But Trump later backed off, saying he was "extremely unlikely" to fire Powell "unless he had to leave due to fraud."
It is not clear whether the president has the right to fire the Fed chairman. The Supreme Court recently stated in a ruling that the independence of the central bank is protected by legal precedents.
But Trump and his administration have been putting pressure on the most recent cost associated with the Fed’s renovation.
Earlier this month, Trump's budget director Watt claimed that Powell "manages the Fed with serious inappropriate mismanagement."
U.S. Treasury Secretary Bescent Bescent, who is considered a possible contender to succeed Powell, said Monday that the Federal Reserve under Powell's leadership needs a www.xmspot.comprehensive review.
It is rare for the current president to appear at the Federal Reserve: Trump is the fourth visit since President Roosevelt unveiled the building in 1937.
The President publicly urges reformChanges to monetary policy may threaten to investigate the Fed's chairman, which has not happened before.
Through this visit, Trump also tried to divert attention from his administration’s handling of yet-to-be-public documents related to Epstein.
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