July 24, 2025

Good Thursday evening. In this edition: Trump makes rare Fed visit, calls for lower interest rates.

• Plus, ceasefire talks, Palestine, rescissions, Bove, Waltz, Whatley, Evers, Pirro, Ingrassia, Columbia and Hulk Hogan.

Federal Reserve

President Trump made a rare presidential visit to the Federal Reserve as he sought to ramp up pressure on the central bank to lower interest rates.

• For months, he has repeatedly hammered Fed Chair Jerome Powell for holding rates steady, frequently employing the moniker "Too Late Powell."

More recently, the president has set his sights on the $2.5 billion renovation of the central bank's headquarters, a yearslong project that has been hit with cost overruns.

• The president's surprise trip, which was announced last night, was ostensibly to survey the construction project though the issue of interest rates loomed large throughout the visit.

At one point on the tour, which was led by Mr. Powell, the president claimed the cost of the renovations had reached $3.1 billion, to which the Fed chair closed his eyes and shook his head.

• After the president gave Mr. Powell a paper purporting to show the higher cost, the Fed chair noted the additional money in that figure was related to the Martin Building, a different Fed office that was renovated five years ago.

The Federal Reserve has left its benchmark lending rate unchanged at 4.25–4.5% since December, drawing the ire of President Trump, who wants cheaper borrowing rates to juice the economy and save the U.S. billions in interest costs.

• Asked whether there was something the chairman could say for him to back off his criticism, the president said, "Well, I'd love him to lower interest rates," patting the chairman on the back.

After the tour, the president repeated his call for lower rates, but indicated he was not prepared to fire Mr. Powell, as he had previously floated.

• "To do that is a big move and I just don't think it's necessary, and I believe that he's going to do the right thing," he told reporters.

The Fed's next policy meeting is set to take place next week.

• Markets believe central bankers will keep rates steady, but that they will likely cut rates in September and one more time before the end of the year.

President Trump struck a more conciliatory tone after the visit, seeming to accept the status of the construction project.

• "It's got a long way to go, would have been much better if it were never started, but it is what it is and, hopefully, it will be finished ASAP," he wrote on Truth Social.
  
  
• "The cost overruns are substantial but, on the positive side, our Country is doing very well and can afford just about anything — Even the cost of this building!"

It marked just the fourth time a sitting president had visited the Fed, which tries to keep its distance from the White House to maintain its independence.

• President Franklin D. Roosevelt visited the opening of the board's new headquarters, the Eccles Building, in 1937.
  
  
• President Gerald Ford visited in 1975 to attend the swearing-in of Philip Jackson as a new board governor.
  
  
• President George W. Bush traveled there in 2006 for the swearing-in of Ben Bernanke as the 14th chairman of the Fed.

Watch the Fed tour and press conference.

In other news…

• The U.S. and Israel pulled out of talks with Hamas for a ceasefire in Gaza, saying the militant group wasn't negotiating seriously. "Hamas does not appear to be coordinated or acting in good faith," U.S. special envoy Steve Witkoff said in a statement. "We will now consider alternative options to bring the hostages home and try to create a more stable environment for the people of Gaza."
  
  

• French Presidential Emmanuel Macron announced his country would recognize Palestine as a state, becoming the first G7 nation to do so. The president said it was consistent with France's "historic commitment to a just and lasting peace in the Middle East." Gaza residents are facing an impending famine following 21 months of deadly fighting, which was kicked off with Hamas's Oct. 7, 2023, attack on Israel.
  
  

• President Trump signed the rescissions package into law, clawing back $9 billion in previously appropriated funding for foreign aid and public broadcasting. The Senate passed the measure last week in a 51–48 vote, following by the House in a 216–213 tally. Democrats have warned that rescissions could upend the bipartisan negotiations to stave off a government shutdown, which will be triggered on Oct. 1 absent a funding deal.
  
  

• The Senate voted 50–48 to invoke cloture on Emil Bove's nomination to serve as a judge on the Third Circuit Court of Appeals. Republican Sens. Susan Collins (ME) and Lisa Murkowski (AK) joined all Democrats in opposition. Mr. Bove, who is currently serving in the No. 3 role at the Justice Department, is expected to be confirmed when the Senate returns next week.
  
  

• The Senate Foreign Relations Committee voted 12–10 to approve the nomination of Mike Waltz, the former national security adviser, to serve as U.S. ambassador to the United Nations. Sen. Rand Paul (R-KY) voted against while Sen. Jeanne Shaheen (D-NH) voted in favor. Mr. Waltz's nomination now heads to the full Senate.
  
  

• Michael Whatley, the chair of the Republican National Committee (RNC), will run for the U.S. Senate to succeed retiring Sen. Thom Tillis (R-NC) after Lara Trump, the daughter-in-law of President Trump, opted to not enter the race. Mr. Whatley is expected to face former Gov. Roy Cooper (D-NC) in the general election.
  
  

• Wisconsin Gov. Tony Evers (D) announced he will not seek a third term in 2026, creating an open seat in a key battleground state. "Here's the truth: Wisconsin, the only thing I love more than being your governor is being a husband, a dad, and a grandpa," he said in a video on social media. "I spent 50 years in public service. I'm damn proud I devoted my entire career — and most of my life — to working for you."
  
  

• The Senate Judiciary Committee voted 12–10, along party lines, to approve Jeanine Pirro's nomination to serve as U.S. Attorney for the Distrct of Columbia. It was a revote since Democrats complained the majority didn't follow the rules in last week's vote after they left the committee room in protest. The former Fox News host's nomination now heads to the Senate floor.
  
  

• A Senate panel punted its consideration of Paul Ingrassia, a 30-year-old former podcast host, amid concerns about his nomination to head the Office of Special Counsel. The Senate Homeland Security and Governmental Affairs Committee removed him from its hearing schedule as they seek more information about the 2021 law school graduate who has praised right-wing figures and the events of Jan. 6.
  
  

• Columbia University agreed to pay the federal government more than $220 million to settle more than a half-dozen civil rights investigations into the university's handling of the harassment of Jewish students. The deal will reinstate hundreds of millions of dollars in federal research funding in exchange for a commitment to reduce campus antisemitism and instate race-blind admissions and hiring practices.
  
  

• Hulk Hogan, the former professional wrestler, died at the age of 71 due to cardiac arrest. "He entertained fans from all over the World, and the cultural impact he had was massive," President Trump said in a statement. "To his wife, Sky, and family, we give our warmest best wishes and love. Hulk Hogan will be greatly missed!" Watch this video of the wrestling star ushering in "Trumpamania" at the 2024 RNC.

For your radar…

• FCC Chair Brendan Carr joins former commission chairs, lawmakers, and others at a symposium Friday in Washington, DC. Watch LIVE on C-SPAN at 10am ET.
  
  

• Gov. Jared Polis (D-CO), the chair of the National Governors Association, speaks Friday with entrepreneur Mark Cuban about the governor's plans for education reform. Education Secretary Linda McMahon also speaks. Watch LIVE on C-SPAN at 4:30pm ET.

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