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Trump Pushes Powell on Interest Rates as They Tour Fed Building | Bloomberg Businessweek
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July 24, 2025
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President Donald Trump and Federal Reserve Chairman Jerome Powell clashed over the central bank’s renovation project during a tour of the construction site on Thursday.
The pair spoke to reporters during a visit to oversee the restoration work being done at the central bank’s headquarters, with the president and the central bank leader almost immediately arguing over the cost of the project.
Powell pushed back on Trump’s claims that the costs had hit $3.1 billion, shaking his head while the president spoke about the overruns. Powell then told the president his revised claim included a building that had already been completed.
Trump, asked by a reporter what he would do if a manager on one of his construction projects had gone over budget, replied bluntly.
“Generally speaking, what would I do?” Trump said. “I’d fire ‘em.”
The president also nodded to his months-long criticism over the central bank’s decision to hold rates steady, which Powell has justified by citing concerns over the potential inflationary impacts of the president’s tariff hikes.
“Well, I’d love him to lower interest rates. Other than that, what can I tell you?” Trump said.
Powell laughed as Trump knocked him on the arm. The president added that he did not “want to be personal.”
Today's show features:
Bloomberg News Federal Reserve Reporter Jonnelle Marte on President Donald Trump's visit to the Federal Reserve and Chairman Jerome Powell
Jay Goldberg, Senior Analyst, Semiconductors & Electronics with Seaport Research Partners on Intel’s quarterly earnings
Laura Martin, Senior Analyst at Needham & Company with a recap of Alphabet’s earnings and a look ahead to Apple's upcoming results
Ross Gerber, CEO of Gerber Kawasaki Wealth and Investment Management, on Tesla’s earnings and outlook
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Carol Massar and Tim Stenovec bring together the latest news from the world of business and finance and the interesting stories of global technology, politics, economics and more by harnessing the power of Bloomberg Businessweek reporters and editors.
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