Overview

• On July 24, Trump made the first presidential visit to the Fed in nearly two decades to spotlight the Marriner S. Eccles Building overhaul and confront Chair Jerome Powell on camera.
• He presented a sheet claiming the renovation had swelled to $3.1 billion, prompting Powell to clarify that the Fed’s official estimate remained at $2.5 billion after excluding a completed project.
• The president publicly ruled out an immediate removal of Powell, calling dismissal “not necessary” while reserving the option to pursue legal grounds for cause.
• Trump reiterated his demand for faster interest‐rate cuts, saying “I’d love him to lower interest rates” ahead of the Fed’s upcoming decision to hold rates at 4.25%–4.50%.
• Powell secured an inspector general review of the renovation and cited a Supreme Court ruling that Fed chairs may only be removed for cause to defend the central bank’s independence.