Trump Targets Fed With Upcoming Visit Amid Escalating Pressure

Trump Plans Visit to the Fed as Tensions with Powell Escalate

President Donald Trump is scheduled to visit the Federal Reserve on Thursday, intensifying criticism of the central bank’s economic strategy and its ongoing $2.5 billion renovation of its nearly century-old headquarters. The visit, set for 4 p.m. Eastern according to a late Wednesday White House release, is expected to last an hour, though further details remain undisclosed.

The Federal Reserve confirmed that it is coordinating with the White House to facilitate the president’s appearance. However, it remains unclear whether Trump will meet directly with Fed Chair Jerome H. Powell — the subject of much of his recent criticism.

Surprise Visit Adds Fuel to Longstanding Criticism

Sources say Trump made the decision to visit the Fed earlier this week, catching central bank officials off guard. Top administration members were already planning to inspect the renovation project, which includes major structural and security upgrades. The Fed, trying to ease public scrutiny, had recently published a virtual walkthrough of the renovation that highlights cost-saving changes such as scaled-back features and removal of hazardous materials like asbestos.

Presidential visits to the Federal Reserve are rare due to the institution’s traditionally independent status. Trump’s decision to make a public appearance there is being viewed as a clear escalation of his pressure campaign.

Powell Under Fire Over Renovation and Rates

The administration has intensified its criticism of Powell, not only over economic policy but also the central bank’s renovation budget. Senator Tim Scott, who leads the Senate Banking Committee, sent a letter demanding documentation about discrepancies in renovation plans and what was publicly disclosed. He cited inconsistencies in Powell’s previous testimony and requested a response by August 8 to fulfill transparency commitments.

Among the contested features are private dining areas, luxury materials, and amenities that critics claim are excessive. Republican lawmakers argue that such spending, especially during economic uncertainty, raises questions about the Fed’s priorities.

Fed Independence Challenged Amid Policy Clashes

The president has frequently criticized Powell for maintaining high interest rates, which Trump claims are politically motivated. In his recent Oval Office remarks, he blamed the Fed chair for making homeownership less accessible by not aggressively cutting rates. “Our economy is booming, but people still can’t afford homes because this guy keeps rates too high,” Trump said, accusing Powell of attempting to influence the upcoming election.

Trump has called for interest rates to be slashed by as much as three percentage points, down to levels historically linked with recessionary environments — a demand far outside the bounds of conventional monetary policy.

Legal and Political Pressure Mounts on Fed Chair

The president has even hinted at the possibility of removing Powell from his position — a move that would likely face significant legal hurdles and shake financial markets. While presidents have limited power to dismiss a Fed chair without clear justification or misconduct, some insiders suggest the administration’s fixation on the renovation costs may be a strategic attempt to build a case.

Commerce Secretary Howard Lutnick publicly urged Powell to step down or be removed, while Treasury Secretary Scott Bessent advocated for a less aggressive approach. Bessent called for a full internal review of the Fed’s non-monetary operations but said there was currently no basis for Powell’s resignation.

Fed Holds Its Ground Ahead of Key Meeting

Despite political pressure, the Federal Reserve is expected to hold interest rates steady during its upcoming policy meeting. At their last face-to-face meeting in May, Powell reminded Trump that monetary decisions would be guided strictly by data, not politics.

With growing scrutiny from both the executive branch and Congress, the Fed now finds itself at the center of a political storm — one that could test its independence as Trump’s presidency continues to challenge institutional norms.