Trump and Jerome Powell have tense exchanges at rare presidential visit to the Fed

President Donald Trump visited the Federal Reserve headquarters on Thursday, criticizing the cost of renovating two historical buildings and pressing for lower interest rates. Trump had previously called Fed Chair Jerome Powell a "numbskull" for not reducing borrowing costs. Despite the tension, Trump said he did not intend to fire Powell, as he has frequently suggested. The renovation project, initially estimated at $2.5 billion, is now expected to cost $3.1 billion. Powell disputed the figure, saying it included the cost of a third building that was completed five years ago. Trump's visit was seen as an escalation of White House pressure on the central bank to lower interest rates. The Fed is expected to leave interest rates unchanged at its upcoming meeting. Trump has repeatedly demanded a 3 percentage point rate cut, which Powell has resisted. The visit was unusual, as presidential visits to the Fed are rare, and Trump's criticism of Powell has previously upset financial markets. The market reaction to Trump's visit was subdued, with the S&P 500 equities index closing largely flat.