Fed ‘Honored’ By Trump Visit, ‘Grateful’ For President’s Encouragement

The Federal Reserve on Friday said that it was “honored” to welcome President Donald Trump to its headquarters and was “grateful” for the President’s encouragement to complete its renovations. 

“We remain committed to continuing to be careful stewards of these resources as we see the project through to completion,” the central bank wrote in a post on X.

The Federal Reserve’s statement follows the President's visit to the headquarters on Thursday afternoon. Trump donned a hard hat and was shown around the Fed’s construction site by Chair Jerome Powell. The site is currently undergoing a $2.5 billion renovation.

During the tour, Trump claimed that renovation costs had increased to $3.1 billion, which Powell disputed. According to him, the additional costs that Trump was citing were from one-third of the renovations that had already been completed.

Trump also reiterated his call for Powell to cut interest rates, suggesting once again that they should come down by at least three percentage points. 

Trump’s visit to the Fed came days ahead of the Federal Open Monetary Committee’s policy meeting. 

However, Azoria Capital, headed by Trump ally and former Department of Government Efficiency (DOGE) adviser James Fishback, is trying to ‘block’ that meeting from happening behind closed doors. In a lawsuit filed on Thursday against Powell and other Fed officials, Azoria Capital sought a temporary restraining order and asked for public access to the meetings. 

U.S. equity markets edged higher in pre-market trade on Friday. The SPDR S&P 500 ETF (SPY) gained 0.12% and the SPDR Dow Jones Industrail Average ETF (DIA) was up 0.09%. Meanwhile, the Invesco QQQ Series 1 Trust (QQQ) lagged with gains of just 0.02%. 

On Stocktwits, retail sentiment around SPY remained in ‘neutral’ territory while retail sentiment around DIA improved to ‘bullish’ from ‘neutral’ over the past day.

Read also: Tesla’s San Francisco Robotaxi Launch Could Happen As Soon As Friday: Report

For updates and corrections, email newsroom[at]stocktwits[dot]com.