Trump and US Federal Reserve chief Powell bicker during tense central bank visit
The US president is pressuring Powell to lower interest rates and has threatened to fire him over the cost of renovations for the bank’s HQ
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Trump and US central bank chief bicker over bank renovation costs
Donald Trump and US Federal Reserve chairman Jerome Powell appeared together for a tense meeting on Thursday as the president toured the central bank after ramping up his attacks on its management of the economy.
Trump - who wants to oust Powell for refusing to lower interest rates but likely lacks the legal authority to do so - has threatened to fire the Fed chief over cost overruns for a renovation of its Washington headquarters.
During a brief but painfully awkward exchange in front of reporters during a tour of the building, the pair bickered over the price tag for the makeover, which Trump said was US$3.1 billion.
The actual cost of the facelift has been put at US$2.5 billion and Powell was quick to correct the president, telling him: “I haven’t heard that from anybody”.
Trump produced a sheet of paper apparently listing construction costs and was told curtly that he was including work on the William McChesney Martin Jnr Building, which was not part of the project.