To fire Powell not necessary, Trump says during his Fed visit

Trump Powell

US President Donald Trump made a rare visit to the US central bank alongside Federal Reserve Chair Jerome Powell, whom he had called a "numbskull" just a week earlier, while criticizing the $2.5 billion renovation of two historic buildings and pushing for lower interest rates.

While urging a sharp cut in borrowing costs, the President wrapped up his visit to the Fed's renovation project in Washington by stating he has no plans to fire Jerome Powell - despite previously suggesting it.

"To do so is a big move and I just don't think it's necessary," Trump told reporters after the visit.

In a post on his Truth Social media site, Trump later said of the renovation, "it is what it is and, hopefully, it will be finished ASAP. The cost overruns are substantial but, on the positive side, our Country is doing very well and can afford just about anything."

Trump is demanding Fed chief to slash the rates by 3 percentage or more . "I'd love him to lower interest rates," Trump said to the reports wrapping his tour, as Powell stood next to him.

Trump became the first president in nearly two decades to visit the Federal Reserve, and the visit was marked by moments of tension. The President joked that he might typically remove a project manager responsible for such cost overruns.

He ribbed Powell - who has faced months of presidential criticism - over interest rates.

The tour began with Trump and Powell, both wearing white hard hats, walking down a dimly lit hallway to speak with reporters. Trump zeroed in on what he and his allies called an exorbitant cost for renovating a federal building, while Powell shook his head. In a tense exchange, a visibly uncomfortable Powell pushed back and shook his head when Trump claimed the renovation costs had reached "$3.1 billion."

Trump, Powell spar over Fed renovation costs 

During the visit, when President Trump handed Powell a piece of paper claiming to show updated cost estimates, Powell quickly corrected him, pointing out that the figure included a separate structure.

"That’s a third building," Powell interjected. "It was built five years ago."

When a reporter asked how he would handle a similar budget overrun on one of his own construction sites, Trump responded plainly: "Generally speaking, what would I do? I’d fire ‘em." Powell laughed as Trump gave him a light tap on the arm, with the president adding that he didn’t "want to be personal."

“I just would like to see it get finished,” Trump concluded.