President Donald Trump publicly clashed with Federal Reserve Chair Jerome Powell during a high-profile visit to the Fed's Washington headquarters, focusing on the soaring $2.5 billion cost of its ongoing renovation. Trump used the visit to criticize Powell's management, both over the renovation expenses and the Fed's interest rate policies, but ultimately backed off threats to fire him. The confrontation included on-camera fact-checks by Powell, who defended the renovation as necessary modernization of historic buildings. The dispute is seen as part of Trump's broader campaign to pressure the Fed to lower interest rates ahead of the election. The episode highlights the unusual politicization of the central bank and raises questions about the independence of U.S. monetary policy.
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