Trump and Powell bicker over cost of Fed building reno

Since President Donald Trump began to visit the two authorized projects, Federal Reserve President Jerome Powell despised a comprehensive building for the cost of renewal.

Trump, the project, the FED’s $ 2.5 billion (A3.8 billion dollars), much higher than $ 3.1 billion (A4.7 billion) cost, Powell standing next to the quietly shook his head.

“Is this from us?” Powell said Powell realized that Trump included the renovation of the Martin building, which ended five years ago.

“Are you waiting for more additional cost vaccination?” Trump asked.

“Don’t wait for them, Pow Powell said.

As a real estate developer, Trump said in his career that he would fire someone for cost -out.

The visit is an attempt to increase the pressure on Powell, where the Republican President is brutally attacking because he did not reduce borrowing costs.

Trump’s criticism put the Fed, a historical independent institution, in a harsh spotlight.

Weaken its independence can reduce the FED’s ability to calm down financial markets and stabilize the US economy.

“This stubborn man on the Fed doesn’t understand it – I never did it, and it will never happen, Tr Trump said on Wednesday in the real Social.

“The Board must move, but it has no courage to do it!”

Before Trump’s visit, reporters were injured from cement mixers, pre -loaders and plastic pipes because they took the Fed’s historical center known as Marriner S. Eccles building and an active construction site covering a second building in Washington.

The FED personnel, who refused to be defined, said that the need to comply with more security requirements, increasing material costs and tariffs and historical protection measures increased the cost of the project, which was budgeted from USD $ 1.9 billion in 2022 ($ 2.9 billion) in 2022.

The personnel drew attention to the new explosion -resistant windows and seismic walls required to comply with the modern building codes and safety standards set by the Ministry of Internal Security.

Fed, FED staff, if the explosives are shot with the explosives, the autumn will be autumn, “gradual collapse”, including something called, the Fed should be built with the highest level of security, he said.

The sensitivity to the President’s visit among the FED personnel during the tour was high.

Reporters entered a small room outside the FED’s board of directors and met eight times a year to decide whether the 19 officials would change short -term interest rates.

The room would be oval -shaped and someone wrote “oval office üzerinde on the plywood walls.

Fed staff underestimated the inscriptions as a joke. The reporters were painted later when they returned to the room.

Renewal plans were first approved by the FED’s Board of Directors in 2017.

FED personnel also said that tariffs in building material prices and inflationary increases increase costs.

In 2018, Trump gave 25 percent for steel and 10 percent for aluminum. It increased them to 50 percent this year.

According to government data, steel prices have increased by 60 percent since plans are approved, while construction materials costs are generally increased by 50 percent.

Fed personnel also pointed out the complication of historical renovations – both buildings have significant protection needs.

He said it would be cheaper to build a new building on an empty site.

The Fed had previously connected most of the cost of the project to underground construction. It also adds three underground parking spaces for its second building.

Trump wants Powell to significantly reduce the comparison interest rate of the Fed under the belief that inflation is not a problem, but Powell wants to see how Trump’s tariffs affect the economy before making any ratio deduction that may accelerate inflation.

Considering the end of the Fed Chair’s era in May 2026, the renovation project emerged as a possible justification to take an extraordinary step in filing a lawsuit, an action played by some administrative authorities.

Forcing Powell would almost definitely shake global markets and potentially had the opposite effect that Trump wanted to pushed lower borrowing costs.

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