Trump Pressures Powell Again As He Heads To Federal Reserve

President Donald Trump is once again ramping up pressure on Federal Reserve Chairman Jerome Powell, accusing him of holding back the economy by keeping interest rates too high. On Thursday, Trump is set to visit the Federal Reserve headquarters in Washington, D.C., as part of a tour that will also review a controversial renovation project at the central bank.

“Housing in our Country is lagging because Jerome ‘Too Late’ Powell refuses to lower Interest Rates. Families are being hurt because Interest Rates are too high, and even our Country is having to pay a higher Rate than it should be because of ‘Too Late,’” Trump wrote on Truth Social Wednesday. He argued that rates should be “three points lower,” which he claimed would save the U.S. “$1 trillion per year.”

Key points from Trump’s criticism:

• Trump insists that high interest rates are crushing housing affordability and economic growth.

• He believes the Fed’s current rate policies are costing the country hundreds of billions in unnecessary debt payments.

• Trump has called Powell “stubborn” and suggested he should resign for failing to act.

Trump, who nominated Powell in 2017 during his first term, has grown increasingly vocal about his dissatisfaction with the Fed chair. Powell, for his part, said in early July that the Fed would already be loosening monetary policy if not for tariffs and inflationary concerns. The central bank’s next interest rate committee meeting is expected to bring renewed debate on potential cuts.

The president’s visit also coincides with mounting scrutiny over the Federal Reserve’s headquarters renovation, which has ballooned from an estimated $1.9 billion to $2.5 billion. Powell is facing a criminal referral accusing him of misleading Congress about the true cost of the project a situation that has given Trump’s allies more ammunition to call for change at the Fed.

While Trump has previously floated the idea of firing Powell, a move that would require legal justification beyond policy disagreements, he signaled this week that he will likely wait out the chairman’s term. “Fortunately, we get to make a change in the next eight months or so, and we’ll pick somebody that’s good,” Trump said, referring to Powell’s term ending in May 2026. “We want to see lower interest rates. Our country deserves it.”

The visit to the Federal Reserve is expected to draw national attention, as Trump’s push for aggressive interest rate cuts is likely to become a major issue heading into 2026. With housing markets tightening and inflation slowing, the White House is betting that the Fed can no longer justify keeping rates elevated.

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