According to the latest daily schedule released by the White House, U.S. President Trump will personally visit the Federal Reserve at 4 p.m. EST on Thursday. This visit comes amid growing criticism over the renovation project of the Federal Reserve building. Industry statistics indicate that this is also the first official visit by a U.S. president to the Federal Reserve in nearly two decades.

The visit is expected to last approximately one hour. The White House provided only a brief note in its schedule announcement, stating "The President visits the Federal Reserve," without offering further details or revealing whether Trump will meet with Federal Reserve Chair Powell.

Judging from recent movements of Trump administration officials, this visit may be related to the renovation project of the Federal Reserve building.

Three of Trump's aides—White House Deputy Chief of Staff James Blair, White House Office of Management and Budget Director Russ Vought, and Federal Housing Finance Agency Director Bill Pulte—have recently demanded to personally inspect the renovation project.

White House Deputy Chief of Staff Blair revealed on Monday that the Trump administration planned to inspect the Federal Reserve's $2.5 billion renovation project this week.

It is reported that the Federal Reserve had previously attempted to arrange for Trump administration officials to visit the site last Friday evening, but was rejected by the officials—the timing conflicted with Trump's dinner meeting with senators. However, it remains unclear whether the president was originally scheduled to attend that inspection.

Blair stated last Friday, “They offered us 7 p.m. this evening. We rejected that. I don't think that after hours on a weekend is when we want to be there. We want to see what’s going on. We want to see what the construction is like.”

Blair added on Tuesday that Trump administration officials and the Federal Reserve had agreed on the Thursday visit.

What Will Trump Say This Time?

Federal Reserve Chair Powell has recently been dragged into a public controversy over the significant cost overruns of the Federal Reserve headquarters' renovation project. The renovation of the Federal Reserve headquarters was initially approved by the Federal Reserve Board in 2017, with construction beginning in 2021. The project's original budget was $1.9 billion, but it has since ballooned to $2.5 billion.

White House Office of Management and Budget Director Russ Vought wrote to Powell on the 10th, stating that Trump was "troubled" by Powell's management of the Federal Reserve, accusing him of "not attempting to right the Fed’s fiscal ship”, but “having plowed ahead with an ostentatious overhaul of the Washington D.C. headquarters.”

This has led many to wonder what unfiltered remarks Trump might make after an on-site inspection...

Vought stated last Thursday that the president "is a builder," and the current $700 million cost overrun for the Eccles Building (the name of the Federal Reserve headquarters) renovation project on the National Mall has left the president "furious."

In response to accusations by senior Trump administration officials that the Federal Reserve headquarters renovation is "extravagant and wasteful," Powell issued a written response last week, refuting the claims point by point and emphasizing that the project has been under strict supervision since its approval in 2017.

In his letter, Powell stated that the Federal Reserve headquarters and its ancillary buildings suffer from severe structural aging issues, requiring the replacement of materials containing asbestos and lead, as well as comprehensive updates to electrical, heating, and fire safety systems. He also noted that the design had been modified to reduce costs and avoid delays, with no major changes that would necessitate resubmission for review.

A Sensitive Timing Ahead of the Fed Decision

Apart from potentially involving the Federal Reserve's "renovation controversy," the timing of Trump's visit is undoubtedly sensitive—with less than a week remaining before the Federal Reserve's July interest rate decision next Wednesday...

Typically, U.S. presidents refrain from commenting on Federal Reserve policies to respect its independence, but this "unspoken rule" has clearly been abandoned during Trump's two terms in office. On Tuesday, President Trump once again targeted Federal Reserve Chair Powell, urging him to cut interest rates quickly, calling him "foolish" and suggesting Powell would soon be out of the job.

Trump has recently emphasized that he wants the Federal Reserve to lower the benchmark interest rate from the current target range of 4.25%-4.50% to 1% to reduce government borrowing costs. This would allow the government to finance the rising deficits expected from the "Big and Beautiful" legislation.

As Trump has repeatedly criticized Powell and threatened to remove him as Federal Reserve Chair in an attempt to pressure the Fed into cutting rates, whether Trump will "pressure" Federal Reserve officials on-site during this personal visit will undoubtedly draw significant attention...

Currently, the market widely expects the Federal Reserve to maintain the current benchmark interest rate of 4.25%-4.50% at this month's meeting, continuing to monitor the impact of tariffs on inflation and the labor market. According to the CME Group's FedWatch Tool, the probability of the Federal Reserve holding rates steady at next week's meeting is as high as 96.9%, while the chance of a 25-basis-point rate cut is only 3.1%.