Donald Trump will add to pressure on Jerome Powell with visit to Federal Reserve
In an unusual move, the White House announced on Wednesday that Trump would visit the Fed at 4pm on the following day, without saying whether Powell would meet him.
Since the US president's inauguration in January he has repeatedly attacked Powell for refusing to cut interest rates.
Powell chairs a committee that has voted to maintain the cost of borrowing while many other central banks, including the European Central Bank and the Bank of England, have made cuts.
Trump recently accused Powell of making it difficult for young people to buy a house while interest rates remained high, referring to him as a 'numbskull' in social media posts and suggesting his tenure, due to run until next spring, should be curtailed.
Trump's public criticism of Powell and suggestions that he could be fired have rattled markets amid concerns about the central bank's independence and freedom from political interference.
A refurbishment of the Federal Reserve's headquarters has also become a subject of dispute after a $1.9bn project reportedly overran by about $600m.
White House officials have claimed that Powell's oversight of the project shows the Fed boss lacks the ability to run the organisation.
The Fed has hit back, explaining in a video tour of the construction that the project is a 'complete overhaul and modernisation' of two buildings that have not had major renovations since the 1930s.
Trump's visit – part of an investigation of the project – represents an acceleration of the pressure he and his advisers have put on Powell and the bank.
The US Treasury secretary, Scott Bessent, has played down the likelihood of ousting Powell, but this week questioned whether the Federal Reserve had fulfilled its mandate.
Sign up to Business Today
Get set for the working day – we'll point you to all the business news and analysis you need every morning
after newsletter promotion
He told an interview with CBNC: 'Has the organisation succeeded in its mission? If this were the [Federal Aviation Administration] and we were having this many mistakes, we would go back and look at why has this happened.'
James Blair, the White House's deputy chief of staff, said earlier this week that administration officials would be visiting the Fed on Thursday but did not say the president would join.
A Federal Reserve official did not immediately respond to a request for comment, according to Reuters.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
15 minutes ago
- Reuters
Trump, Carney to speak in coming days, Canadian official says
WASHINGTON, Aug 3 (Reuters) - U.S. President Donald Trump and Canadian Prime Minister Mark Carney will likely talk "over the next number of days" after the U.S. imposed a 35% tariff on goods not covered by the U.S.-Mexico-Canada trade agreement, a Canadian official said on Sunday. Dominic LeBlanc, the federal cabinet minister in charge of U.S.-Canada trade, also told CBS News' "Face the Nation" that he was "encouraged" by recent discussions and believed a deal to bring down tariffs remained an option. "We're encouraged by the conversations with Secretary Lutnick and Ambassador Greer, but we're not yet where we need to go to get the deal that's in the best interest of the two economies," LeBlanc said, referring to U.S. Commerce Secretary Howard Lutnick and U.S. Trade Representative Jamieson Greer. The trade minister said he expected Carney and Trump to speak "over the next number of days." "We think there is an option of striking a deal that will bring down some of these tariffs provide greater certainty to investment," LeBlanc said. Washington linked Friday's tariff announcement in part to what it said was Canada's failure to stop fentanyl smuggling. It was the latest blow in a months-long tariff war which Trump initiated shortly after returning to power this year. Carney says Canada accounts for just 1% of U.S. fentanyl imports and has been working intensively to further reduce the volumes.
Daily Mail
15 minutes ago
- Daily Mail
Walmart bosses crack down on workers' infuriating habit
Walmart bosses have issued a blunt new rule banning headphones on the shop floor, but staff are fighting back. The habit, described by shoppers as 'infuriating' and 'rude', has also become a growing frustration for store managers. 'Everyone, no earbuds period. Stop wearing them,' one manager wrote on a break room whiteboard. 'Store leads will periodically come back here to check if anyone has them,' it added The warning, a photo of which was posted on Reddit, told staff they would be reprimanded, then if caught a second time would have to 'be coached'. On a third offense, the message joked darkly: 'You will be taken out back and executed (bullet between the eyes Old Yeller style).' Despite the tough talk, many employees pushed back. 'Be thankful I give customers a smile and am genuinely helping them than worry I'm not paying attention,' one Walmart employee wrote under the post. 'I can hear the customer service phone ring across the entire store. I can hear most people trying to get my attention,' they explained. 'I'm a cart pusher and my coach is hounding me every 20 minutes to make sure I'm not wearing them,' another lamented. 'I can't wait till it's cold so I can just wear them under a ski mask.' 'I've had one in every shift for about 8 years now and nothing bad has happened because of them. Thankfully my management team doesn't care,' another agreed. However, customers have long complained that it prevents them from being heard on the shop floor and creates an air of distance. 'Wearing noise cancelling headphones reduces your spatial awareness and is inconsiderate to others when in tight confined aisles,' one shopper moaned. 'It gets quite annoying when wanting to speak to an associate and they keep replying with "huh" or "can you say that again?"' another agreed. 'I find it really rude,' a third added succinctly. Walmart has recently engaged in mass layoffs this year Walmart did not respond to the Daily Mail's request for comment. Walmart has been conducting mass firings at a number of its locations in recent weeks. The cuts are being made in compliance with a sweeping Supreme Court decision that allowed the Trump administration to revoke work protections for half a million migrant employees. It comes on top of official layoffs of around 1,500 jobs at the grocery chain as part of a restructuring plan to cut expenses and simplify operations. The layoffs will hit employees who work in its global technology operations, e-commerce fulfillment, and its ad sales division Walmart Connect.
The Independent
17 minutes ago
- The Independent
Trump attacks ‘racist sleazebag' Charlamagne tha God after radio host criticized him on Lara Trump's show
President Donald Trump launched a bruising attack on radio host Charlamagne tha God on Truth Social early Sunday morning after The Breakfast Club host suggested the president's devoted base would pivot to a more traditional conservative candidate after the Epstein Files situation. Referring to Charlamagne, whose real name is Lenard McKelvey, as a 'racist sleazebag,' Trump claimed the radio host is a 'Low IQ individual' who does not know anything. 'He's a Low IQ individual, has no idea what words are coming out of his mouth, and knows nothing about me or what I have done,' Trump said before listing his international and domestic successes. The president's comment was made after Charlamagne joined Lara Trump, the president's daughter-in-law, on her Fox News show My View. On the show, Charlamagne said that traditional Republicans would capitalize on the MAGA base's disgruntlement with Trump to change the Republican Party. 'I think there is a political coup going on right now in the Republican Party,' Charlamagne told Lara Trump. 'I think this Epstein thing is going to be a way for traditional conservatives to take their party back.' Charlamagne was referring to the fallout between the president and some members of his base after refusing to release the Epstein Files – information the government collected while investigating convicted sex offender Jeffrey Epstein. Trump did not specify whether or not one specific comment from Charlamagne set him off, but the president's anger toward the radio host was tangible in his Truth Social post. 'The very wonderful and talented Lara Trump, whose show is a big ratings success, put racist sleazebag Charlamagne 'The God' (Why is he allowed to use the word 'GOD' when describing himself? Can anyone imagine the uproar there would be if I used that nickname?).' Trump, who has repeatedly compared himself to Jesus Christ, wrote. Recently, the president has been sensitive about the Epstein Files situation, occasionally snapping at reporters who ask about it. Trump had promised to release the Epstein Files, which many had speculated contained a list of high-profile individuals associated with Epstein and his alleged decades-long sex trafficking scheme involving girls and women. However, senior officials in the Trump administration poured cold water on the speculation, confirming there was no 'client list' and Epstein died by suicide while in federal jail in 2019. As a result, some MAGA supporters pushed back on the president, accusing him of failing to keep a promise to protect high-profile individuals, potentially including himself, from being associated with Epstein. Although Trump and Epstein were friends years ago, the president has maintained that he did not have a relationship with Epstein by the time he faced formal allegations of sexual abuse. Last month, the Wall Street Journal reported that Trump sent Epstein a 'bawdy' birthday letter referencing 'secrets' – however, Trump has also denied that and sued the Journal for libel. While Trump has not been accused of any formal wrongdoing or charged with any crime, his proximity to Epstein, someone he once called a friend, has heightened conspiracy theories that the government is withholding documents that could reveal embarrassing information about high-profile individuals. Appearing in the files also does not indicate that an individual has committed any wrongdoing. Charlamagne maintained that the situation may give traditional conservatives, such as Nikki Haley, the chance to swoop in and appeal to MAGA voters. 'They know that this is the issue that has gotten the base riled up, the MAGA base isn't letting this issue go,' Charlamagne said. 'And for the first time, they know they can probably take their party back and not piss off the MAGA base.'
