Trump suggests that Fed could be an apparent one for Powell

Cnn
Cnn
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President Donald Trump suggested that a renovation plan of 2.5 billion US dollars in the Federal Reserve could be sufficient to send the chairman Jerome Powell, an escalation of his recent attacks against the central banker.

“I think he's terrible … but the only thing I saw as a man who needed a palace in which I could live,” said Trump. He said it was like “with a chair” because of a lack of personality “with a chair”.

“But the only thing I would never have suspected is that he would spend two and a half billion dollars to build up a small extension of the Fed,” said Trump.

A reporter asked if that was a firecrable crime. “I think it's kind of,” said Trump.

Trump has led Powell for months and demanded lower interest rates. But the Fed officials recorded the tariffs this year, very much too Trump's anger. Nevertheless, the attacks have expressed concerns that the data -dependent Fed could undermine its independence.

The markets prefer independent central banks – monetary authorities that determine interest rates based on data and clear mandates instead of political considerations that may be promoted by chosen civil servants.

“The independence of the FED is absolutely critical and not only for the current chairman of the Fed, which I respect, but also for the next Fed chairman,” said Jamie Dimon, CEO of JPMorgan Chase, one of the most famous Wall Street leaders, to reporters in a conference call on Tuesday.

“Playing around with the Fed can often have adverse consequences, absolutely opposite of what you may hope,” he continued.

Trump has admitted that his more personal attacks and pressure campaigns against Powell did not give him the lower interest rates he wants. The renovation work has appeared as a latest attack on the Fed chair.

Powell asked the Central Bank General Inspector to carry out an additional review of the ongoing renovation, CNN previously reported. Last month, some legislators of the Senate Powell grilled over what they were as a wasteful upgrades to his DC headquarters in Powell's semi -annual monetary political hearing.

The Fed's renovation project was approved by its board in 2017 and originally cost $ 1.9 billion in 2019. The construction began in 2021, but the costs rose to $ 2.5 billion due to “unforeseen conditions”, which require more expenses for the removal of “more assonts” than “more assing stoses”, the poisonous conteminated, and a higher water table, and a higher water table in the fact width in the fading website.

Trump has long directed his frustrations at Powell and described it from a “Taubskull” to an “idiot”. Powell has publicly said that the FED would have already reduced interest rates this year and that FED officials are waiting to recognize the effects of these tariffs before deciding to reduce interest.

Trump disagrees. “We should be 1%,” said Trump on Monday at lunch. “We should be less than 1%.”

John Towfighi from CNN contributed to this report.