U.S. stock indices trading at new all-time highs, United States President Donald Trump is scheduled to visit the Federal Reserve headquarters in Washington, D.C. on July 24, 2025, at 4 p.m. EDT. The visit is slated to last about an hour.
This visit comes amidst President Trump’s ongoing criticism of Federal Reserve Chairman Jerome Powell and the central bank’s handling of an extensive $2.5 billion renovation of the Fed buildings. While the President has previously hinted at potentially firing Powell over the renovation costs and interest rate policy, he has recently indicated this is “highly unlikely”.
The Fed buildings undergoing renovation include the Marriner S. Eccles Building and another building on Constitution Avenue, both constructed in the 1930s. The renovation project, which began in 2022, involves expanding and modernizing these buildings.
The White House, particularly Office of Management and Budget Director Russell Vought and Deputy Chief of Staff James Blair, has raised concerns about the soaring costs and alleged mismanagement of the renovation project.
Powell has defended the project, citing the need to modernize outdated systems and remove hazardous materials like asbestos and lead. He has also pointed to factors like inflation, labor costs, and unforeseen construction issues as contributing to the cost increase. Powell recently asked the inspector general of the central bank to review the renovations.
President Trump’s visit is seen as a further escalation of pressure on Powell and the Federal Reserve. The visit is also considered unusual given the traditional independence of the Fed from political influence.
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