President Trump told reporters at the White House on Friday that he believes Federal Reserve Chairman Jerome Powell will finally recommend lowering the interest rates, following his visit to the Fed’s DC headquarters, where he met with Powell on Thursday.
The Gateway Pundit reported on a fiery exchange between Trump and Powell where the Fed Chairman tried to argue with Trump in front of the cameras.
Powell said he does not expect additional cost overruns, but “we’re ready for them,” and “we have a little bit of a reserve that we may use.”
WATCH: Fed Chair Jerome Powell Tries to Argue with Trump when Confronted on Cost of Federal Reserve Headquarters Renovation
President Trump spoke to reporters at the White House on Friday before departing for Turnberry, Scotland, where he plans to spend the weekend at his Trump golf courses.
“I think we had a very good meeting,” the President said, noting that Powell’s building renovation is “out of control.”
“He said, ‘congratulations, the country is doing really well.’ And I got that to mean that I think he’s going to start recommending lower rates.“
The 12-member Federal Open Market Committee (FOMC) will meet next week, on July 29 and 30, to discuss policy decisions, including whether or not to lower interest rates.
WATCH:
Trump: I think that Jerome Powell– I think we had a very good meeting. Forgetting about the building, that’s out of control. But I think we had a very good meeting on interest rates, and he said to me– now, I don’t know if he’s going to say this on Thursday, but he said to me very strongly, “the country is doing well.” He said, “congratulations, the country is doing really well.” And I got that to mean that I think he’s going to start recommending lower rates.
The FOMC meeting comes as Jerome Powell also faces a lawsuit by investment firm Azoria Capital, arguing that FOMC meetings are illegally closed to the public and seeking to bar the FOMC from closing its next meeting.
Azoria Capital CEO and founder James Fishback told Fox Business, “The public deserves to know what’s going on, and hiding behind an exemption as an excuse is unacceptable, and in our case, it is illegal.”
“If the FOMC’s July 29-30, 2025, meeting is allowed to proceed in secret, it will unlawfully deprive Azoria and the American public of timely access to deliberations that may reveal improper political motives behind the FOMC’s decisions,” a draft of the lawsuit reads. It also outlines concerns that the Fed “is maintaining high interest rates to undermine President Donald J. Trump and his economic agenda.”
This is a developing story.
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