Episode summary
Instant Reaction: Trump, Powell Discuss Rates, Clash on Cost of Fed Renovations | Bloomberg...
Bloomberg Intelligence
· · Hosts: Carol Massar, Tim Stenovec · Guests: Wendy Benjaminson, Jonnelle Marte
Summary
Donald Trump’s visit to the Federal Reserve became an on-camera argument over the cost of the Fed’s renovation and a renewed push for lower interest rates. The president and Jerome Powell sparred over whether the project cost about $2.7 billion or $3.1 billion, with Powell objecting that Trump’s figure appeared to include a separate building finished years ago. Trump later said firing Powell was unnecessary, but he also repeated that he wants the Fed to cut rates and said he has names in mind for the next chair.
The guests argued that Trump had an opening to escalate his criticism but instead partially deescalated, even as the encounter made the president’s pressure on the central bank unusually visible. They said Powell’s pushback fit his emphasis on data and accuracy, and that the exchange underscored the Fed’s independence at a moment when the White House is trying to influence monetary policy. The discussion also noted that the Fed’s next meeting is July 30, when Powell is likely to face questions about the visit and the renovation fight.
Key takeaways
- The guests said Trump did not use the Fed tour to escalate his attack on Jerome Powell, even though he could have.
- Powell pushed back in real time on Trump’s $3.1 billion renovation estimate, saying it included a building finished years ago.
- Trump reiterated that he wants lower interest rates and said he has “maybe three names in mind” for the next Fed chair.
- The guests said the exchange highlighted how unusual it is for a president and Fed chair to clash publicly at the central bank.
- They expect Powell to be asked about the visit and the renovation dispute at the July 30 Fed meeting.
- The guests said Powell has largely stayed focused on data and the Fed’s independence despite months of presidential criticism.
Notable quotes
“It looks like it's about 3.1 billion. It went up a little bit or a lot”
“no, this includes another building. We finished that building 5 years ago”
“I would like him to lower interest rates”
“he did not escalate the confrontation. And if anything, it felt like a little bit of a deescalation here”
“the president would like interest rates lowered”
How the episode opens
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From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- fed rates
- trump powell clash
- fed renovation cost overruns
- interest rate cuts push
- central bank leadership
Watch the episode
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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