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President Donald Trump visited the Federal Reserve headquarters in Washington Thursday, where he publicly scorned Fed chairman Jerome Powell over the costs of a long-planned, roughly $2.5 billion renovation project, and sparred with Powell, who challenged the president’s latest price tag as incorrect.
Trump has previously indicated that Powell’s handling of the extensive renovation project on two agency buildings could be grounds for firing. But on Thursday, when asked if the rising costs of the Fed’s renovation was a “fireable offense,” Trump said, “I don’t want to put this in that category.”
Trump has criticized and threatened to fire Powell for months for keeping the short-term interest rate the Fed controls at 4.3% after cutting it three times last year. Powell says the Fed wants to see how the economy responds to Trump’s sweeping tariffs on imports, which Powell says could push up inflation. If Trump were to undermine the Fed’s independence, it could reduce the Fed’s ability to calm financial markets and stabilize the U.S. economy.
Other news we’re following today:
- FCC approves Paramount’s merger with Skydance: The Federal Communications Commission’s approval of the $8 billion merger comes after months of turmoil involving a lawsuit between President Trump and Paramount Global, the parent company of CBS, over a “60 Minutes” story. Paramount agreed this month to pay a $16 million settlement with Trump to resolve it. Critics of the settlement compared it to a bribe meant to appease the Trump Administration ahead of the proposed merger, and CBS further stoked outrage after the company said it was canceling Stephen Colbert’s “Late Show” just days after the comedian sharply criticized the settlement on air.
- Trump signs bill to claw back previously approved funds: Trump signed a bill to rescind close to $9 billion in federal funding previously approved for public broadcasting and foreign aid, after Trump’s request to claw back the funds was approved by Republicans in the House and the Senate this month. The bulk of the spending cuts is for foreign assistance programs. About $1.1 billion was destined for the Corporation for Public Broadcasting, which provides funding to NPR and PBS, though most of that money is distributed to more than 1,500 local public radio and television stations around the country.
- U.S. cuts short Gaza ceasefire talks: Trump’s special envoy Steve Witkoff said the U.S. is bringing home its negotiating team from Qatar for consultations after the latest response from Hamas “shows a lack of desire to reach a ceasefire in Gaza.” Trump previously urged progress in ceasefire talks, and lower-level negotiations have dragged on for weeks, while aid groups say Palestinians in Gaza risk starvation. Israel resumed the war in March after an eight-week ceasefire earlier this year.
