Overview

• President Trump toured the Fed’s Marriner S. Eccles Building renovation on July 24, the first presidential visit to the central bank since 2006.
• He cited a $3.1 billion cost estimate for the renovation, prompting Chair Jerome Powell to clarify that the figure included a separate building completed five years ago.
• The president reversed earlier threats to remove Powell over the budget overruns, deeming such a move unnecessary after the face-to-face exchange.
• Trump continued to press for sharper interest-rate cuts, even as Fed policymakers signal they will maintain current rates at their next meeting.
• Federal Reserve officials attribute the higher renovation costs to rising materials prices, security upgrades and design changes and have sought an inspector general review of the overruns.