Wearing hard hats and grim faces, standing in the middle of the construction project, Trump and Powell addressed the assembled TV cameras. Trump charged that the renovation would cost $3.1 billion, much higher than the Fed's $2.5 billion figure. Powell disagreed with Trump's assessment.
The visit represented a significant ratcheting up of the president's pressure on Powell to lower borrowing costs, which Trump says would accelerate economic growth and reduce the government's interest payments. Presidents rarely visit the Fed's offices, though they are just a few blocks from the White House, an example of the central bank's independence from day-to-day politics.
“We have to get the interest rates down,” Trump said later after a short tour, addressing the cameras this time without Powell. “People are pretty much unable to buy houses.”
