Kokcha News Agency: Tensions between U.S. President Donald Trump and Federal Reserve Chairman Jerome Powell escalated during a public exchange over the multi-billion dollar renovation costs of the Federal Reserve building. The confrontation occurred during Trump’s recent visit to the Fed, where the two leaders met and later addressed the media.
During the press briefing, Trump, wearing a hard hat at the construction site, pulled out a piece of paper and criticized the rising costs of the project. “The Fed wanted $2.7 billion for the building renovation. Now it’s up to $3.1 billion,” Trump said, visibly frustrated.
Powell, however, responded by saying, “I’m not aware of that figure,” prompting Trump to hand him the paper and insist, “It’s written here.”
After reviewing the document, Powell clarified, “They’ve included the cost of the building that was completed five years ago.”
Trump, clearly irritated, shot back, “So what? It’s part of the complex.”
The public spat highlights the ongoing tension between Trump and Powell, who have frequently clashed over monetary policy and the Fed’s independence. Trump has repeatedly criticized Powell for not lowering interest rates more aggressively, while Powell has maintained the Fed’s commitment to its mandate of controlling inflation and promoting employment.
The $3.1 billion renovation project for the Federal Reserve building has become a new flashpoint in their strained relationship, with Trump using the opportunity to once again voice his displeasure with the Fed’s spending decisions.
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