U.S. President Donald Trump will visit the Federal Reserve on Thursday, the White House confirmed, escalating tensions between the administration and central bank leadership. The unannounced trip comes amid Trump’s sharp criticism of Fed Chair Jerome Powell for resisting aggressive interest rate cuts.
Trump, who appointed Powell during his first term but later soured on him, has repeatedly urged slashing rates to 1% from the current 4.25%-4.50% range, aiming to lower borrowing costs and fund rising federal deficits. On Tuesday, he called Powell a “numbskull” and hinted at firing him, breaking longstanding U.S. norms of presidential noninterference in Fed policy.
Fueling further friction, White House officials recently accused the Fed of mismanaging renovations of historic Washington buildings, raising questions about oversight and potential fraud. Deputy chief of staff James Blair had confirmed administration officials would visit the Fed but did not initially disclose Trump’s attendance. The White House later scheduled Trump’s visit for 4 p.m. (2000 GMT) Thursday, though it is unclear if he will meet Powell.
Markets reacted calmly, with the 10-year Treasury yield holding at 4.387% and the dollar slightly weaker in Asian trading. However, Trump’s repeated attacks on Powell and the Fed have previously rattled investors and raised concerns about central bank independence, a cornerstone of global financial stability.
Since returning to office in January, Trump has frequently clashed with U.S. institutions — including media, academia, and legal entities — to push his agenda. His confrontation with the Fed signals further pressure to align monetary policy with the administration’s economic goals, intensifying debate over the balance between politics and central bank autonomy.