White House keeps pressure on Fed Chair Powell morning after Trump appeared to back off
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Hours after President Donald Trump appeared to take the temperature down with Fed Chair Jerome Powell, the White House on Friday resumed its attacks on the central bank chief and its headquarters renovation. Limited time: Save 25% on NBC News subscription Get exclusive reporting, live Q&As and ad-free reading. After touring the central bank’s main office on Thursday afternoon, Trump told reporters that he wouldn’t consider the construction project a fireable offense for Powell.
AI Summary
Main Idea: The White House renewed pressure on Fed Chair Jerome Powell after President Donald Trump briefly softened his tone about him.
Key Points:
- Trump said after touring the Federal Reserve’s renovation project that firing Powell was not necessary and that he felt good about their relationship.
- On Friday, Russ Vought said the tour showed waste and “largesse,” and he renewed criticism of the Fed’s construction spending.
- The Fed said the project has faced higher costs from asbestos, toxic soil, and rising material prices, and it has published details to explain the overruns.
- Powell is still under fire over interest rates, but the Fed is not expected to cut rates at its next meeting, with a possible cut more likely in September.
Impact on the People
Negative Impact
Pressure on Powell could make rate policy feel less stable, which may keep borrowing costs uncertain for households and small businesses.
Positive Impact
A close review of the Fed renovation could reduce waste and reassure taxpayers about how public money is spent.
How did each entity affect people?
Rate how each entity in this article affected the American people.
- Primary:Governor Jerome Powellperson
- Primary:President Donald Trumpperson
Candidate Entities7 candidates · 5 weighted vote min · 70% decision
- Governor Jerome PowellpersonPrimaryEvaluated
Federal Reserve chair at the center of the dispute over renovations and interest rates.
Include 0 (0%)Ignore 0 (0%)5 to threshold - President Donald TrumppersonPrimaryEvaluated
Central political actor whose comments, pressure on the Federal Reserve, and changed tone drive the article.
Include 0 (0%)Ignore 0 (0%)5 to threshold - Russell VoughtpersonMajorAI selected
Office of Management and Budget director whose public criticism of the Federal Reserve renovation is a major part.
Include 0 (0%)Ignore 0 (0%)5 to threshold - Thom TillispersonContextCandidate
Named senator present during the Federal Reserve tour and referenced in the Fed’s statement.
Include 0 (0%)Ignore 0 (0%)5 to threshold - Tim ScottpersonContextCandidate
Named senator present during the Federal Reserve tour and referenced in the Fed’s statement.
Include 0 (0%)Ignore 0 (0%)5 to threshold - House financial services committeegovernment agency or bodyMinorCandidate
Congressional oversight body mentioned as part of the Federal Reserve’s accountability structure.
Include 0 (0%)Ignore 0 (0%)5 to threshold - Senate banking committeegovernment agency or bodyMinorCandidate
Congressional oversight body mentioned as part of the Federal Reserve’s accountability structure.
Include 0 (0%)Ignore 0 (0%)5 to threshold
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