On July 24, 2025, President Donald Trump completed one of his most daring missions. This historic trip was the first visit by a sitting president to the institution in almost 20 years. On this trip, Trump got a tour of the Federal Reserve’s $2.5 billion headquarters renovation project from Chair Jerome Powell himself. This historic engagement has sparked a broad and deep debate about the future of interest rates. With the end of Trump’s term, the future of monetary policy remains uncertain.
Trump’s visit is especially interesting since Powell’s term as chair is set to expire in May 2026. Energy on the tour was filled with connection and friendship. Trump and Powell were seen wearing matching white hard hats as they toured the renovation project. Unsurprisingly, while on their turf, Trump took the opportunity to call for an even more aggressive interest rate decrease. He thinks cutting these rates is a really good way to boost pro-growth stimulus.
“I wouldn’t take any meeting off the table or put any on the table,” Powell stated when asked about the prospect of a potential interest rate cut during the Fed’s upcoming meeting on July 29 and 30. This is a very positive comment, indicating that the Fed is still willing to pivot away from its current aggressive monetary policy if economic conditions necessitate a change.
On his campaign-style tour, Trump repeated his insistence that the price of the renovation had gone above expected amounts. Powell was quick to jump in and set him straight. He corrected national media reports that Trump had included expenditures from a project built out years before in calculating costs. This brief exchange sheds light on the persistent rifts between the former president and the Federal Reserve’s leadership on fiscal matters.
Trump has repeatedly and publicly criticized Powell especially when it comes to cost overruns associated with the renovation. Specifically, he reported that there were conversations with Republican congressional leaders about firing Powell. He soon walked back those plans, calling them “very improbable.”
Yet it wasn’t so long ago that presidents going to the Federal Reserve was practically unheard of. Franklin Roosevelt, who dedicated the building in 1937, and Gerald Ford, who visited in 1975. Trump’s visit, though, is remarkable even beyond that context — it was a historic moment in the awkward relationship between the executive branch and monetary policy.
As Trump continues to exert pressure on Powell regarding interest rates, the upcoming Federal Reserve meetings may prove crucial in shaping both economic policy and political dynamics leading up to the next presidential election.
