US President Trump lashes out at Jerome Powell, accusing him of being "lousy" and "corrupt or incompetent", in a latest salvo against the Federal Reserve chairman. The criticism comes as the Justice Department has served the Fed with grand jury subpoenas in connection with an ongoing investigation into Powell's renovation of the central bank's headquarters.
The renovation costs have ballooned to $2.5 billion, exceeding the initial estimate of $1.9 billion. Trump believes he could have completed it for a fraction of that cost and accused Powell of being either corrupt or incompetent. The White House has denied any direction from President Trump regarding the Justice Department probe, with Trump downplaying its significance.
Powell had earlier attributed the investigation to Fed officials resisting pressure from Trump to lower interest rates. Despite this, three former Fed chiefs - Janet Yellen, Ben Bernanke, and Alan Greenspan - have defended Powell in a strongly worded statement, accusing the Trump administration of undermining the Fed's independence.
Trump has repeatedly criticized Powell for being too cautious in lowering interest rates, despite his own economic record being touted by him as a great success. The latest exchange highlights the ongoing tensions between the White House and the Federal Reserve, with the Justice Department investigation adding to the fray.
The renovation costs have ballooned to $2.5 billion, exceeding the initial estimate of $1.9 billion. Trump believes he could have completed it for a fraction of that cost and accused Powell of being either corrupt or incompetent. The White House has denied any direction from President Trump regarding the Justice Department probe, with Trump downplaying its significance.
Powell had earlier attributed the investigation to Fed officials resisting pressure from Trump to lower interest rates. Despite this, three former Fed chiefs - Janet Yellen, Ben Bernanke, and Alan Greenspan - have defended Powell in a strongly worded statement, accusing the Trump administration of undermining the Fed's independence.
Trump has repeatedly criticized Powell for being too cautious in lowering interest rates, despite his own economic record being touted by him as a great success. The latest exchange highlights the ongoing tensions between the White House and the Federal Reserve, with the Justice Department investigation adding to the fray.
I'm so done with Trump's antics! Like, come on dude, $2.5 billion for renovation is OUTRAGEOUS!!! You can't just throw money at a problem without having a plan, Powell's been there 5 years already and still we're not seeing any progress. And now he's trying to blame the Fed, like it's their fault? No way. I'm so tired of Trump using his ego to dictate how everyone else should be running things. The fact that 3 former Fed chiefs are coming out in support of Powell just proves that Trump has no clue what he's talking about 
. I mean, who hasn't made some harsh comments about someone they disagree with in their lives? And Powell's renovation costs are pretty crazy, like $2.5 billion! That's a lot of cash 
. Trump is still going after Powell like he's at war 
, but honestly can't he just chill? The dude has been doing his job for ages and it's not like he's not qualified or anything 
. Who knows what the actual cost was before Trump got involved and now the Fed's just trying to get to the bottom of things 
? It's all just so... drama 
. Can't we just have a calm conversation about interest rates instead of all this bickering? 
Anyway, I'm rooting for Powell to stay strong in the face of all this pressure 
. Powell just sounds like a suit who can't get anything done 
.
it's just a big mess.
. But seriously, $2.5 billion is a huge amount for renovation costs and it's not like they're trying to build a new country or something 
. I do think it's weird that Trump is taking this personally and accusing Powell of being corrupt or incompetent - doesn't he have better things to focus on than a fancy office building? 
. This whole thing just smells like a big mess and I'm here for it... sorta 
. I'm all for transparency, but some of these investigations can be pretty invasive. And honestly, Powell's got some legit concerns about the Fed's independence - it's like, you want to maintain some neutrality, right? 
.
. That's gotta be some serious weight behind his corner. I guess it just goes to show how much this whole situation has everyone talking 
.
. Like, who gets all worked up over some renovation costs? $1.9 billion to $2.5 billion isn't exactly chump change, but you can still try to save some cash if you want. I mean, come on, the guy was a businessman, should know how to cut corners 
. I mean, have you seen the stats on the Fed's renovation costs? $2.5 BILLION!!! 
. I guess it's all about who you ask and how much money you have 
It's just politics, folks. The White House is trying to shift attention away from their own scandals 
Meanwhile, Powell's just trying to do his job without Trump breathing down his neck 
, guess they ain't afraid of trump's tantrums 