US President Donald Trump said that he would not fire Federal Reserve Chairman (Fed) Jerome Powell. After his visit to the US central bank, however, the head of state told reporters that he still insists on lower interest rates, Reuters reported, quoted by BTA.
"I think our meeting went well. No, there was no tension", Trump said.
Trump was on a visit less than a week before the two-day meeting of the FED leadership, at which the key interest rate is expected to be maintained in the range of 4.25-4.50%.
The president repeatedly demanded that it be reduced and threatened Powell with dismissal. But after their meeting yesterday, he said he would not resort to such a measure. "It would be a big step and I don't think it's necessary," the head of state said.
The two inspected the renovation of two buildings at the UFR headquarters in Washington. They walked side by side with hard hats on their heads around the construction site.
Passions ran high when Trump told reporters that the project would cost $3.1 billion. "I don't have that information," Powell said and shook his head. Trump handed him a piece of paper, which Powell examined. "You just added a third building," the UFR chief said, adding that the "Martin" building was completed 5 years ago.
The White House had previously criticized the renovation as too expensive and ostentatious, increasing tensions between the government and the independent monetary policy watchdog.
Appointed by Trump in 2018 and then reappointed by former President Joe Biden 4 years ago, Powell last met with Trump in March, when the Republican summoned him to a White House meeting to pressure him to cut interest rates.
The visits came as Trump struggles to divert attention from a political crisis sparked by his administration's refusal to release documents related to convicted sex offender Jeffrey Epstein, a key campaign promise, Reuters reports. Epsine died in 2019.