President Donald Trump will visit the Federal Reserve (Fed) headquarters on 24/7, the White House announced. The visit is scheduled for 4 p.m. Thursday, Washington time. The announcement didn't specify whether Trump will meet with Fed Chair Jerome Powell.
This is the first time in nearly two decades that a US president has visited the Fed headquarters. Analysts consider this a surprising move that could escalate tensions between the Fed and the US government.
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US President Donald Trump and Fed Chair Jerome Powell in 2017. Photo: Reuters |
US President Donald Trump and Fed Chair Jerome Powell in 2017. Photo: Reuters
Traditionally, US presidents avoid commenting on Fed policy to respect the agency's independence. However, President Trump has repeatedly criticized Powell in recent months for not cutting interest rates, even threatening to fire him. Earlier this week, he again called Powell "slow and stubborn", arguing that US interest rates should be lowered by a further 3 percentage points.
Trump nominated Powell to the position during his first term. However, their relationship deteriorated due to disagreements over interest rates and the economy. Powell was later renominated for a second term by former President Joe Biden.
Recently, the White House and Republican lawmakers have criticized cost overruns in the Fed's headquarters renovation project, raising questions about whether Trump might be seeking a reason to remove Powell. "I'm not ruling anything out. But I think it's very unlikely, unless he has to leave because of fraud," Trump said.
However, there is currently no evidence of fraud, and the Fed has denied criticism of its management of the project.
In previous statements, Powell has emphasized that the president does not have the authority to fire him. No US president has ever done so, despite criticizing Fed chairs. Powell's current term ends in 5/2026.
In late May, Trump invited Powell to the White House for their first face-to-face meeting since the president took office. In a statement following the meeting, the Fed said Powell assured the president that he and his colleagues "will conduct monetary policy in accordance with the law, to support maximum employment and stable prices." He emphasized that "all decisions are based solely on careful, objective, and non-political analysis."
Ha Thu (Reuters)
