저자: 미상 · 외국인
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트럼프-파월 연준 본관 공사 견학 장면을 팩트체크 형식으로 해설. 공사비가 27억→31억 달러로 증가했다는 트럼프 주장을 두고 파월과 충돌했으나, 실제로는 Martin 건물 등 별도 건물이 포함된 것으로 해설. 이후 PMI 서비스 물가 상승을 근거로 연준이 금리 인하에 신중해야 한다고 주장하며, 본인 의견으로 노동시장 둔화 우려 시 금리를 낮추고 싶다고 언급. 영상 중반 이후 금 투자 광고(Lear Capital) 포함.
다듬은 글
Awkward fact check between Donald Trump and Jerome Powell here that doesn't go in Trump's favor, but Donald Trump actually a lot more respectful than what you might have expected in touring the Federal Reserve here. Especially since this morning Fox News, especially Fox Business, was hyping him up, suggesting Trump needs to go in there and throw around the marble, arguing that the marble is the wrong type and I'm a developer and doing this wrong.
Donald Trump actually taking quite the high road here despite complaining about the basement. But let's listen to the fact check first and we're with the chairman as you know. Chairman, come on over. And we're just taking a look at what's happening. You know, it's a it's a tough construction job. They're building basements where they didn't exist or expanding them.
A lot of the reason they're building basement where they didn't exist is because these buildings in DC are right next to the National Mall. And when you have buildings right next to the National Mall, you have to follow extremely stringent design standards because they're a represent is you get really strict requirements that say, "Hey, hey, hey, you could do this, you could do this, but you've got limits in terms of your height.
you've got limits in terms of the design that you could use. Uh there are a lot of restrictions that commissions ultimately put on historical buildings. And so when you look at the National Mall of the map, you'll see here we've got the Washington Monument. You've got the World War II War Memorial, the Lincoln Memorial Reflecting Pool, the Lincoln Memorial.
All of this, mind you, was built in a swamp. You know, the Lincoln Memorial was built on on top of what used to be just water. None of this existed. Uh, and if you actually zoom in right here, this is the Fed building right here. So, the National Mall's here. Fed building's here. I've personally been there, and it's incredible that, you know, you're right next to the National Mall.
I know this just looks like a road, but the point is, you've got the Lincoln Memorial over here, Washington Monument here. Uh, and it is a pretty critical street in Washington DC. That's one of the reasons why they're expanding down to maintain that horse on or that sort of exterior impression of the building without violating a bunch of height restrictions which yeah even the Federal Reserve has to follow.
We almost like to think that oh well you know they'll be able to get an exception right? Nope. All everything in DC has got to follow the same sort of historical looking standard. Very expensive work. There's no question about it. And uh Tim has been with me for a long time and you're in charge of the committee.
Indeed. One of the reasons why we wanted to see it was the overruns of the expenses. Wanted to figure out why. Yeah. So we're taking a look and uh it looks like it's about 3.1 billion. It went up a little bit or a lot. Drum Powell here shaking his head. This is where it starts getting a bit awkward.
Uh so the 2.7 is now 3.1. I'm not aware of that. Yeah, I love how JPAL actually jumps. I'm not aware of that. But then I also love what Trump does next. It just came out. Yeah, I haven't heard that from anybody. Uh it just came out. So here comes Trump's fact check and then JPAL slaps back again. This is like the craziest interaction because you get Donald Trump going, "Yeah, the numbers just went up again." JPA, no they didn't.
Yeah, they did. pulls out paper. Pal's like, "Oh crap. What is this? This is embarrassing. This is TV. This is what we pay TV for." 3.1 3.2. This came from us. Yes. I don't know who does that. You're including the Martin renovation. You just added entire capital. Yeah. You just You just added in a third building is what that is.
That's a You just added in a third building is what that is. And then look, Trump's like, "Oh, it appears I didn't quite understand which buildings we were referring to here." Most people don't, and that's okay. We've got some pictures to go through uh of these various different buildings. Uh and and I'll show you some of these different buildings.
So, remember I showed you the front of the Eckles building right here, built in 1937. I showed you the front of this. So, there are a few buildings here. The Martin building is actually this renovation completed 5 years ago when the Federal Reserve acquired this to essentially expand their compound, if you will.
I mean, you've got ballards and security everywhere. These are very highly, you know, fortified buildings. They had to substantially renovate this. This was in disrepair. Uh, and they also have a third building that if we zoom, it's actually from the backside. It's right here. It's a little hard to see on this side.
We'll see if we can uh scoot over to the other side, but the Federal Reserve is now also renovating this building right here, which you can see, I mean, it's quite a bit of a renovation. I mean, windows are missing here, right? This is a pretty old building right here. Uh, in fact, this old building, I believe, was Yeah, here it is.
The US Public Health Service building, and it sits right next to the Eckles building. Uh, and it's it's I mean it's being completely remodeled to actually make it functional again. This is a historic building built in the uh well, let's see here. It was built also in the 30s. So during you kind of had a bunch of buildings built on that uh yeah 1931.
It's even older than the Eckles building. So 1931 for this particular building and the Eckles building was 1937. Uh this is not the Martin building. This is considered the East building. Donald Trump includes the Martin building uh in the renovation budget for the Federal Reserve which even though they overlap because this renovation began in 2019, you had massive cost overruns and delays because of not just COVID and inflation which obviously things got a lot more expensive but running into issues uh like groundwater contamination uh asbestous lead you're basically trying to expand in a swamp very very challenging.
The Fed also wanted, according to the Wall Street Journal, to end up using uh where was it? They wanted to use more glass uh to signal their transparency. But the commissions ended up revising this, requesting the incorporation of more marble because they wanted more of this sort of traditional 1930s look.
Uh and this is the National Capital Planning Commission and the Commission of Fine Arts. These are federal commissions that are not part of the Federal Reserve. They basically plan uh and work to make Washington DC as, you know, jewel like as possible. And so when you look, it's actually outside commissions coming in telling you, "No, no, no.
Spend more money here. No, no, no. We want actually this. We want you to spend more money on this." It's not all the Federal Reserve. Now, I'm not trying to defend everything the Federal Reserve does by any means, but this is a pretty epic moment. And having that extra context of three different buildings, I think is really helpful.
Third building. But it's it's a building that's being built. No, it's been it was built five years ago. We finished. I know, but it's a building that's being built. It wasn't built 5 years ago. As JPL says here, I think he's just speaking quickly. The renovation was completed 5 years ago. So JPL's basically like, why are we still using that in this budget as a totally different renovation?
Trump's like, "All right, people don't usually talk back to me because I fire them, but I can't fire you." More than 5 years later, it's part of the overall work. It's not new. So, we're going to take a look. We're going to see what's happening. Uh, and it's got a long way. Do you expect any more additional cost overruns?
Don't expect them. Uh we're we're ready for them, but we we have a little bit of a reserve that we we may use, but no, we don't expect to be finished in 2027. Um we're well along as you can see. Uh nice to take these off every once in a while when we're not under too much danger. Uh so any questions,
Mr. President? Developer, as a real estate developer, what would you do with a project manager who would be over budget? Uh, generally speaking, what would I do? I'd fire him. Do you think this issue, Mr. President, gives you courts to do that? Well, I'm here just really with the chairman. He's showing us around, showing us the work.
And so, I don't want to get that. I don't want to be personal. I just uh would like to see it get finished. And in many ways, it's too bad it started, but it did start. And uh it's been under construction for a long time. going to be it's going to be a real long time because it's like it's got a long way to go.
Yes, sir. So, Mr. President, are there things are there things the chairman can say to you today that would make you back off some of the earlier criticism? Well, I'd love him to lower interest rates, but other than that, other than that, what can I tell you? Uh, the country is doing really well. I just briefed the chairman of the deal with Japan.
Japan is putting up 550 billion dollars in order to lower their tariffs a little bit. That way, they have a little bit lower tariff. And they also opened their country to free trade, which nobody thought was even a possibility. And uh we get a zero tariff in the free trade. We don't pay tariffs. And uh they're going to pay 15% on everything they send into our country.
So it's great. But they put up uh as you could call it uh seed money. Let's call it seed money. Yeah. Now, a quick reminder, the Federal Reserve is also very protected. They hold gold deposits at the New York Fed, which if you ever go through the New York Fed building, you'll see that it's extremely highly guarded.
I mean, you look and there are a lot of guns outside of the New York Fed building. One of the reasons is not because the Federal Reserve actually holds or buys gold. They don't. In fact, they are legally not uh supposed to buy gold. That, you know, remember currency is supposed to be totally free floating.
But if you look at the Fed New York building, it's really incredible. I mean, it's basically shielded by these giant uh, you know, bomb concrete pads, if you will, ballards all the way around. And typically, you have uh folks with assault rifles on various different portions of the building. I don't know if we'll actually be able to find them in this Google Street View, but if you ever walk around this area, you'll find them.
And they're all over the place. I'm actually surprised we can't see him right now, but this is a very, very secure building because it's essentially a gold vault. Uh, which is kind of remarkable to think about. Yeah, I can't find a single one today. Well, anytime I've ever been there, you've had a lot of guns out.
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Use my sponsored link in the description down below. Here's the second part of that walkthrough or media moment from Donald Trump uh at the Federal Reserve back on a construction site. You know, uh if you remember not so long ago, we rebuilt the old post office into the Trump Hotel and we sold it to Waldorf Histori and it was a great success and we had great luck with the building.
We did a good job. We built it quickly and relatively inexpensively for about $200 million. And that was a big hotel, big big project. But uh we looked around and Tim Scott's here someplace. Tim, come on up. Uh just uh you saw what we saw. And the big thing is to get it done. They have to get it done.
They have to get it finished. And very importantly, we have to get interest rates lowered in our country. Our country is the hottest in the world right now. But the one section, people are pretty much unable to buy housing. Yes. Cuz the interest rates are too high. I'll speed this up. Uh Donald Trump talks a bit here talking about, hey, you know, they used a lot of plywood, maybe more plywood than I would have used to protect the surfaces of the building.
This is because if you have a lot of sensitive surfaces, whether they're brushed, uh, you know, sort of brass surfaces or marble surfaces, people walking by with tool belts can end up scratching these surfaces. So, it's not uncommon. Uh it's also very very normal uh to look at a project like this Fed building that's a historical site that's expected to take five six years to build it out with some form of fortification.
Donald Trump does take issue with that, but he doesn't take issue with the uh uh you know expansion underground. He recognizes that's what's in the budget. That's what's happening. uh he does recognize that uh hey maybe people could have parked somewhere else and they don't need underground parking because it's so expensive and you know maybe people could just walk a few blocks but then this building is also used for visits from dignitaries around the world and so this is why these sort of things are included it's not so every single person can uh go park underground at the Federal Reserve and have a shorter commute so to speak but overall Donald Trump is relatively reasonable with his comments here he doesn't really give JPL hard time, at least what we could see on camera.
Uh we did see Donald Trump sort of say, "Hey, we'd love him we'd love for him to lower interest rates and then sort of pat uh Jerome Powell on the back, but beyond that, we didn't get too much aggressiveness from Trump here." Uh and I'm kind of thankful that we didn't get more of that. You know, it it didn't didn't have to be that.
I think we've already had enough from Donald Trump uh you know sort of lambasting JPAL uh over the uh you know social media airwaves if you will. At the end of the day, the point is that instead of talking about interest rates, instead of talking about first-time home buyers, instead of talking about the heat in our economy, that's a good thing.
We're talking about an overrun on the Federal Reserve building as which has really become a hot button issue because back when the Federal Reserve began this project, they actually had massive billions of dollars of of surpluses from essentially holding uh treasuries and paying out substantially lower on deposits for um uh well they would buy treasuries with higher yields and then they were paying out essentially zero to banks that would deposit with the Federal Reserve and so they made that spread.
Now, the opposite is true. Treasuries are yielding lower than what the Fed is paying out on on on reserves. This is essentially how they set interest rates as high as they are. And of course, the rationale is, hey, you know, we'll cut once we're convinced that inflation is down. The problem with that is, how can we be convinced that inflation is down when we don't know yet that those uh impacts of tariffs have really come all the way through?
Look, for example, at the S&P global US flash PMI this morning. growth accelerates but manufacturing dips and the only reason we get a boost is because of services which is fine. It's sort of a mixed report but what you get in this mixed report is a steeper increase in cost inflation which was increasingly passed through to customers.
Resulting rate of inflation prices charged for goods and services was among the largest seen over the past three years. Business activity re rose at a rate not seen since December which is great. So what you have is exactly what the Fed is concerned about. This idea that hey the economy is at the moment doing fine but inflation is rising based on some of these surveys at a rate we haven't seen in three years.
Uh and some of the increases in prices are the first that we have seen in in multiple years. Uh so uh let's see here. Yeah, look at this. services price inflation accelerated to register the second steepest increase since April of 2023 and input cost inflation for manufacturers registered the second steepest rise since January of 2023.
So in other words, like hey, you're kind of getting a relatively strong report. Yeah, you mix missed on manufacturing, but services in US with more US domestic spending holding up uh while at the same time uh you know being in this place of hey we've got more inflation and the whole point of the Federal Reserve is to make sure that doesn't turn into some form of sustained form of inflation.
Now of course people who are trying to shill for the job at the Federal Reserve, they are saying, "Oh, no, no, no. We're fine. those are just going to be one-time cost increases. We don't need to worry about those. Don't worry about it. We'll we'll we'll lower rates, which is also probably true, but doesn't change the fact that the Federal Reserve has a job to be cautious uh and uh make sure that we don't create any sustained forms of inflation.
That's really what's going on here. If I had the power, I would love to lower rates because I'm more concerned that we are going to see a substantial slowdown in the labor market at some point. We have no idea when that's going to be or if it's going to be. Uh but uh that's what you want to protect right now.
That's what everybody's nervous about. Uh and so we'll see. We'll see what ends up happening. But that said, uh kind of wild moment between JPAL and uh the Federal Reserve chair uh and uh must see TV. &.
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