Trump to visit Federal Reserve today

US President Donald Trump

US President Donald Trump plans to visit the Federal Reserve headquarters today, July 24, in a move that escalates his campaign to pressure Fed Chair Jerome Powell to cut interest rates.

This marks the first official visit by a US president to the central bank in nearly two decades, as presidents have traditionally respected the Fed's independence.

The president's schedule, released by the White House on Wednesday, indicates that he will spend about an hour at the central bank. This unusual step adds pressure on Powell amid repeated criticism from the US administration over the Fed's failure to cut rates since the beginning of this year. It also comes amid concerns over the cost of the bank's headquarters renovation.

Trump will be joined by several members of his administration, including Director of the US Office of Management and Budget Russell Vought, who will also visit the Fed on the same day to review the headquarters renovation project.