Trump's Heated argument with Fed Chief During Central Bank Visit MHM NEWS

MHM NEWS

Trump's Heated argument with Fed Chief During Central Bank Visit

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00:00During his inspection of the U.S. Central Bank's headquarters, President Donald Trump and Federal

00:11Reserve, Fed, Chairman Jerome Powell had a heated argument. On Thursday, during this visit,

00:17Trump blamed Powell for not lowering interest rates and threatened to remove him. However,

00:22there is debate whether he legally has such power. Trump expressed his anger by questioning

00:28the cost of renovation at the Fed headquarters. Dear viewers, if you like this news, please like

00:33it and share your comments in the comment box. AFP reported from Washington that a brief but

00:39embarrassing exchange occurred between the two in front of reporters during the Fed building visit.

00:44When Trump claimed the renovation cost was $3.1 billion, Powell corrected him, stating the actual

00:50cost was $2.5 billion. The papers Trump showed also included the renovation cost of the

00:57William McChesney Martin Jr. building. However, that was not part of the project. Powell clearly

01:03stated, you've also included the cost of the Martin building, which is not in the project.

01:09Trump retorted, that's also part of the overall project. Powell replied, no, that was finished

01:15five years ago. This is not new. Clear tension was visible between the two during the live television

01:21dispute. On Wednesday, he strongly attacked Jerome Powell over interest rates and expressed frustration

01:27more than 10 times about the high cost of borrowing during Thursday's visit. He said,

01:33as well as we are doing, we would be doing even better if interest rates were lower.

01:38Presidential visits to the Federal Reserve have been seen in the past, with Franklin D.,

01:43Roosevelt, Gerald Ford, and George W. Bush having visited. However, this incident is quite rare.

01:50Trump has been criticizing Powell for months because Powell has kept interest rates at 4.3 percent,

01:56even though they were cut three times last year under Joe Biden's administration.

02:01Powell said he is monitoring the reactions to Trump's new import tariffs, which could increase

02:06inflation. But Trump has mocked him as idiot and loser and accused Powell of holding back the

02:12country's economy. However, on Thursday evening, he spoke in a softer tone, saying they had a constructive

02:19discussion about the economy and there was no tension. Trump said,

02:23It's a little late, but I believe he will do the right thing.

02:27The significant increase in renovation costs for the 88-year-old Federal Reserve headquarters

02:32and an adjacent building in Washington has caught President Trump's attention. Initially,

02:37the cost was estimated at $1.9 billion, but it later increased by $600 million.

02:44A major reason for this cost increase is building security, such as blast-resistant windows and

02:50systems to prevent building collapse. The Federal Reserve, the world's most important central bank,

02:56sets policy independently, and its board members typically serve under presidents from both parties.

03:02Meanwhile, experts say Trump does not have the power to dismiss Powell, especially after a recent

03:08Supreme Court decision that limited the president's control over the Fed.

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07:32ઔતે મ૨ૂ હેણે હેણે ઙારણ્તે મ૨્તે ઙણેણે ઙારણે છારણે ઙારણે સફાંણ હ્રણે મ્ર�ાારણે ા�ારણ

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