U.S. President Trump inspected the Fed headquarters construction site with Federal Reserve Chair Powell on July 24 during Eastern Time. The interaction between the two was relaxed but also had a bit of tension, discussing everything from cost overruns to project details and interest rate policy. Trump stated that he wouldn't fire Powell due to budget issues on the construction site, with the focus still on the interest rate cuts he cares about most.

Trump personally inspects the Fed construction site, rarely sharing the stage with Powell.

On July 24, Trump rarely stepped into the Fed headquarters construction site, becoming the first U.S. president to visit in nearly twenty years, also inspecting alongside Fed Chair Powell wearing hard hats. He mentioned that the renovation budget was "too expensive," leading Powell to shake his head in response.

Trump even brought out a piece of paper saying that the construction budget soared to $3.1 billion, to which Powell immediately rebutted, "That's for the third building, that was completed five years ago." The two directly clashed in front of the media. When the media asked how Trump would respond to the cost overruns on his own projects, he bluntly stated that he would fire people but then turned to Powell and said:

I'm not targeting you, I just want to see the project completed.

The picture shows the Fed headquarters construction site. From cost overruns to interest rate policy, Trump tells Powell to "do the right thing."

The renovation project for the Fed headquarters originally had a budget of $1.9 billion, but due to safety requirements for installing blast-proof windows, the budget increased to $2.5 billion. In response, Republicans criticized the waste. However, the Fed replied that 700 to 800 workers are working in two shifts every day, and internal audits are also ongoing, with reports from the outside being inaccurate.

Although the interaction on-site was relaxed, there was also a hint of tension. Trump still pulled the focus back to the interest rate cuts he is most concerned about, and also emphasized to the media:

I just want to lower interest rates, it's that simple.

He was unwilling to reveal what was discussed privately, only saying that Powell's term is coming to an end, so he will do the right thing; everyone knows what the right thing is.

Trump will not fire Powell for cost overruns, urges interest rate cuts again after returning to the White House.

Although Trump made some remarks on site and sarcastically commented that the project was "quite luxurious," he ultimately half-jokingly said, "Looking back, there's a lot to say, I don't want to play Monday morning quarterback, I just hope this project gets finished quickly." He also added that he had managed bigger projects in New York without exceeding the budget this much, but this matter wouldn't lead him to fire Powell.

And after returning to the White House, Trump also posted on Truth Social, emphasizing:

I wish it had never started, but since it has, let's finish it quickly.

He reiterated the need to lower interest rates. The outside world expects the Fed to keep interest rates unchanged next week, but at least two rate cuts may occur before the end of the year. Powell emphasized cautious adjustments to avoid a resurgence of inflation.

(Trump names Powell's successor, when does the Fed Chair's term end? How is the Fed Chair selected?)

This article reports that Trump personally inspected the Fed construction site, joking: there's no need to fire Powell, but please cut interest rates quickly. It first appeared on Chain News ABMedia.