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Fed & yields

Trump Tours $2.5 Billion Fed Renovation, Presses Powell on Rates

Fed Takes Conservative Stance on 2025 Rate Cuts
Fed Takes Conservative Stance on 2025 Rate Cuts

President Trump toured the Fed’s $2.5 billion renovation site with Chair Jerome Powell, sparring over whether the cost has risen to $3.1 billion (Powell said that figure included a third building completed earlier).

Trump used the visit to press for lower interest rates, but Powell defended the Fed’s independence. The renovations—covering the Eccles and East buildings—started in 2022 and are due in 2027, with security upgrades a major driver of cost.

Eight more from the desk

Other dispatches from the bullion wire.

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