(Reuters) -The Federal Reserve on Monday added footage of a video tour of the two historic buildings it is renovating at its Washington headquarters campus amid criticism from the White House over the project’s cost, as President Donald Trump’s administration amps up attacks on the central bank for not cutting interest rates.
The 6-minute, 23-second video indicates it was recorded on July 18 and depicts construction scenes overlaid with text descriptions of the project and some of the challenges encountered, such as asbestos abatement and preservation of historical details while installing modern building infrastructure for safety and efficiency.
Its release comes as some members of Trump’s administration who have been the most critical of the project have asked for a tour of the construction site.
The Fed also posted fresh materials detailing aspects of the project that drew particular White House criticism as lavish, including what planning documents describe as a “Governors’ private elevator” leading to “executive dining rooms.”
“The descriptive labels are not representative of our previous or planned use of these spaces,” the new materials said, and that the elevator’s use is not limited to governors. The materials also showed diagrams with big red X’s showing where planned water features had been eliminated, saving costs.
The Fed meets next week to set monetary policy and is widely expected to leave short-term borrowing costs in the 4.25%-4.50% range, where they have been since December. Fed Chair Jerome Powell and most of his colleagues say that while inflation has cooled, they expect Trump’s tariffs to result in higher prices in coming months and consider a rate cut now as potentially helping to reignite inflation.
Trump has repeatedly called Powell names and said that he should lower interest rates immediately. He has said he wants Powell gone and has threatened to fire him several times. Powell’s term as chair goes until May 15.
Treasury Secretary Scott Bessent, who Trump has said would be a good candidate to replace Powell, on Monday said the Fed has been “fear-mongering over tariffs” and needs to be examined as an institution.
(Reporting by Dan Burns; Editing by Chizu Nomiyama )
