President Donald Trump is visiting the Federal Reserve headquarters amidst ongoing criticisms of Fed chair Jerome Powell. Trump is frustrated with the Fed's decision to keep interest rates at 4.3% while asserting that lower rates are necessary to stimulate the economy. The ongoing renovation project has seen costs rise from $1.9 billion to $2.5 billion, inciting Trump's claim that it could warrant Powell's firing. Most economists and Wall Street investors believe any dismissal of Powell would jeopardize the Fed's longstanding independence.
Trump's criticism of Powell comes in light of the Fed keeping the short-term interest rate at 4.3%, which Trump believes should be lower to stimulate the economy.
The Fed's headquarters renovation project has seen costs escalate from $1.9 billion to approximately $2.5 billion, prompting Trump's ire regarding Powell's leadership.
Trump has linked the costly renovation and Powell's management style as potential grounds for the Fed chair's dismissal, suggesting it undermines fiscal stewardship.
Economists and Wall Street investors largely view firing Powell as a threat to the Fed's independence, a fundamental principle of its operation.
Collection
[
|
...
]