US President Donald Trump visited the Federal Reserve (Fed) headquarters in Washington, D.C., on Friday (July 25th). President Trump recently turned his attention to criticizing the long-planned renovation of the Fed headquarters.

Trump, who oversaw a comprehensive renovation of the White House interior, adding gold accents, claimed that the Fed renovations represent an unnecessary expense for U.S. taxpayers in an attempt to further narrow the gap between the executive branch's ability to control the U.S. central bank, which is currently beyond the President's broad reach.

During Trump's visit to the Fed, it was noted that much of Trump's calculations of the Fed's overspending on renovations included the bulk of construction costs for projects approved and begun in 2017 during Trump's first term and completed within the past five years. The Fed's main building, Eccles, has also long been in need of renovations to bring it back into compliance with federally mandated health and safety guidelines, which the Trump administration appears unwilling to immediately eliminate or eliminate.

During Trump's visit to the Fed, US Treasury Secretary Scott Bessent gave an interview on Fox Business, reiterating the Trump team's general opposition to the Fed and also revisiting US-China trade negotiations and tariffs in general. (alg)

Source: FXstreet