President Donald Trump visited the Federal Reserve on Thursday, repeating calls for lower interest rates while standing alongside Fed Chair Jerome Powell.
Even after reiterating his frustration with the central bank, Trump called the notion of firing Powell a "big move" that would not be "necessary."
It marked the first official trip to the Fed taken by a sitting president in almost 20 years.
Donning matching white hard hats, Trump and Powell took a tour of the central bank's $2.5 billion building renovation project. In recent weeks, Trump has slammed Powell for cost overruns tied to the renovation.
The Fed attributes spending overruns to unforeseen cost increases, saying that its building renovation will ultimately "reduce costs over time by allowing the Board to consolidate most of its operations," according to the central bank's website.
After a tour of the renovation, Trump answered questions from the press while standing next to Powell.
During one exchange, Trump claimed the costs of the renovation had been even higher than previously known, before Powell immediately corrected him, saying Trump had wrongly included costs from a project completed years earlier.
Minutes later, Trump reiterated his call for lower interest rates, saying the U.S. would "be helped with interest rates coming down."
A reporter asked Trump what he would do as a real estate developer in the event that a project manager allowed costs to go over budget.
Trump responded: "Generally speaking, what would I do? I'd fire him."
When asked about Powell, Trump added, "I don't want to get personal."
The Fed is an independent agency established by Congress. Federal law allows the president to remove the Fed chair for "cause" -- though no precedent exists for such an ouster. Powell's term as chair is set to expire in May 2026.
The unusual visit came roughly a week after Trump said he had discussed with a group of Republican lawmakers the possibility of firing Federal Reserve Chair Jerome Powell, before walking back such plans, calling them "highly unlikely."
This episode sent stock prices tumbling and bond yields climbing, until Trump's disavowal restored calm to the markets.
Since Trump took office, he has sharply criticized Powell and frequently urged the Fed to cut interest rates.
"We have a man who just refuses to lower the Fed rate," Trump said of Powell last month. "Maybe I should go to the Fed. Am I allowed to appoint myself? I'd do a much better job than these people."
Trump is legally barred from appointing himself the head of the central bank.
The Fed has held interest rates steady for seven consecutive months, taking up a wait-and-see approach as it observes potential effects of Trump's tariff policy.
Earlier this month, Powell said he would not rule out a potential interest rate cut as soon as the Fed's next meeting on July 29 and 30.
"I wouldn't take any meeting off the table or put any on the table," Powell told the audience at the European Central Bank forum in Sinatra, Portugal. "It depends on how the data evolve."
Trump is the first president to visit the Fed since President George W. Bush attended the swearing-in ceremony of Fed Chair Ben Bernanke in 2006. That ceremony marked only the third visit of a president to the Fed, Bernanke noted in his remarks on the day.
Franklin Roosevelt visited when he dedicated the building in 1937 and Gerald Ford visited in 1975, according to Bernanke. He served in the role until 2014.