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The Guardian - US
The Guardian - US
Business
Lauren Aratani in New York

Fed up: inside Trump’s unprecedented bid to exert control over the US central bank

a man in a suit and a hard hat looks down at a document he is holding as another man in a suit and a hard hat looks at him
Donald Trump and Jerome Powell take a tour of the Federal Reserve in Washington DC on 24 July 2025. Photograph: Kent Nishimura/Reuters

In the bowels of the US Federal Reserve this summer, two of the world’s most powerful men, sporting glistening white hard hats, stood before reporters looking like students forced to work together on a group project.

Allies of Donald Trump had spent weeks trying to manufacture a scandal around ongoing renovations of the central bank’s Washington headquarters and its costs. Now here was the US president, on a rare visit, examining the project for himself.

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