President Donald Trump is scheduled to tour the U.S. Federal Reserve on Thursday afternoon, intensifying his public feud with Fed Chair Jerome Powell over interest rates, inflation management, and ballooning renovation costs at the institution’s headquarters.
The rare presidential visit to the central bank comes amid mounting political pressure from Trump, who has openly expressed his desire to remove Powell, a move legal scholars say is likely beyond the president’s authority. Trump, however, has pivoted to targeting Powell over a $2.5 billion renovation of the Fed’s Washington headquarters, which has exceeded its initial budget by $600 million.
While the White House has not confirmed whether Trump will meet directly with Powell during the visit, it marks the latest chapter in a campaign of escalating criticism. On Wednesday, Trump lashed out at Powell on his Truth Social platform, writing, “Housing in our Country is lagging because Jerome ‘Too Late’ Powell refuses to lower Interest Rates.” The Fed has held the benchmark interest rate at 4.3% this year, a level Powell has defended amid concerns over Trump’s extensive use of import tariffs and their inflationary impact.
Despite Trump having nominated Powell during his first term, their relationship has deteriorated sharply. Trump has labeled Powell “stupid” and a “loser,” and directed his budget director, Russell Vought, to formally accuse the Fed chief of mismanagement in a recent letter.
While Trump’s legal team has reportedly examined options for removing Powell, a recent Supreme Court ruling cast doubt on the president’s authority to dismiss leaders of truly independent agencies like the Federal Reserve.
Presidential visits to the Fed are historically uncommon and are often viewed as attempts to sway monetary policy. Previous presidents including FDR and George W. Bush have visited the institution, but rarely with such overt political tension.
The visit also coincides with growing scrutiny of Trump’s ties to convicted sex offender Jeffrey Epstein. Reports this week revealed that Attorney General Pam Bondi had informed Trump in the spring that his name appears in Epstein’s files, further fueling media attention. Trump is expected to sign several executive orders prior to the Fed tour, part of what observers see as an effort to divert focus from the Epstein fallout.
Meanwhile, the Justice Department is continuing its investigation into the case, with U.S. media reporting that officials were due to question Ghislaine Maxwell, Epstein’s imprisoned accomplice, in Florida on Thursday.
As Trump seeks to regain political footing ahead of the election season, his clash with the Fed underscores a broader strategy of attacking long-standing institutions and deflecting from mounting personal and political controversies.
Written By Rodney Mbua
