WASHINGTON, July 25 (Reuters) – President Donald Trump said on Friday he had a good meeting with Federal Reserve Chair Jerome Powell and got the impression that the head of the U.S. central bank might be ready to lower interest rates.
The two men met on Thursday when Trump made a rare visit to the U.S. central bank to tour the ongoing renovation of two buildings at its headquarters in Washington. The White House has criticized the cost of the project, and the president and Powell sparred over the issue during the visit.
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Trump also took the opportunity to again publicly call on Powell to slash rates immediately.
“We had a very good meeting … I think we had a very good meeting on interest rates,” the president told reporters on Friday.
Federal Reserve Chair Jerome Powell looks at U.S. President Donald Trump holding a document during a tour of the Federal Reserve Board building, which is currently undergoing renovations, in Washington, D.C., U.S., July 24, 2025. REUTERS/Kent Nishimura Purchase Licensing Rights
“He (Powell) said, ‘Congratulations, the country is doing really well,’ and I got that to mean that I think he’s going to start recommending lower rates because of that conversation,” Trump said.
The Fed is widely expected to leave its benchmark interest rate in the 4.25%-4.50% range at the conclusion of a two-day policy meeting next week. Powell has said the Fed should wait for more data before adjusting rates.
The visibly tense exchange between Trump and Powell at the Fed’s massive construction site on Thursday marked an escalation of White House pressure on the central bank as well as Trump’s efforts to get Powell to lower rates.
The U.S. central bank said on Friday it was “grateful” for Trump’s encouragement to complete the renovation of its buildings in Washington and that it “looked forward” to seeing the project through to completion.
Trump, who called Powell a “numbskull” earlier this week for failing to heed the White House’s demand for a large reduction in borrowing costs, also said on Thursday he did not intend to fire the Fed chief, as he has frequently suggested he would.
Reporting by Doina Chiacu, Brendan O’Brien, Ann Saphir, Nandita Bose and Steve Holland; Editing by Doina Chiacu and Paul Simao
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