Recently, U.S. President Trump visited the renovation site of the Fed ( headquarters, marking the first visit by a sitting U.S. president in nearly twenty years. Trump and Fed Chair Powell both wore hard hats while inspecting the site, and although their interaction seemed easy, there was an underlying tension.

During the inspection, Trump directly raised the issue of the project budget being too high. He pulled out a piece of paper and claimed that the site budget had soared to $3.1 billion. In response, Powell immediately refuted this, explaining that it was the budget for the third building, which had been completed five years ago. This exchange played out directly in front of the media, attracting considerable attention.

Originally, the renovation budget for the Fed headquarters was set at $1.9 billion. However, due to the need to add security features such as blast-resistant windows, the budget was raised to $2.5 billion. This adjustment has drawn criticism from Republican members, who see it as a waste. The Fed explained that 700 to 800 employees work there every day, and safety issues cannot be ignored.

In addition to discussing the engineering budget, the conversation between Trump and Powell also touched on the sensitive topic of interest rate policy. Although Trump expressed dissatisfaction with the engineering budget, he made it clear that he would not fire Powell for this reason. Instead, he focused on the issue of interest rate cuts, which he cared about the most.

Trump said to Powell: "I am not targeting you, I just want to see the project completed." This statement seems to imply his expectations regarding Fed policies. Although not directly mentioned, it is widely believed that Trump hopes the Fed will adopt a more easy monetary policy.

This rare joint inspection not only allowed the public to see the attention of the highest leader of the United States to important economic institutions but also highlighted the subtle relationship between the executive branch and the independent central bank. Although there are differences between the two sides on certain issues, both have shown a common concern for the development of the national economy.

As the renovation project at the Fed headquarters continues to progress, people will closely monitor the developments of this project and its potential impact on U.S. economic policy. Regardless, this joint appearance by Trump and Powell undoubtedly adds new topics to the discussion on U.S. economic policy.