Trump has argued that inflation is down before. While it's steadily ebbed in recent years, prices are still rising faster than the Fed would like.

Inflation slowed down in March, going by the Federal Reserve's preferred gauge, showing that price pressures were easing before President Trump's steep new tariffs landed earlier this month. The personal-consumption-expenditures price index rose by 2.

Elon Musk has trained his cost-cutting eye on the Federal Reserve, questioning the central bank’s ongoing $2.5 billion headquarters renovation and suggesting it may be a prime target for scrutiny by the so-called Department of Government Efficiency,

But we've made progress," Musk told reporters at the White House on Wednesday. Newsweek contacted Musk for further comment via email to the Tesla press office on Friday. President Donald Trump 's DOGE has been one of the most radical initiatives to restructure the federal government in decades,

Elon Musk suggested his cost-cutting government project DOGE should take a closer look at the Fed’s spending, especially the $2.5 billion it has spent to remodel its Washington D.C. headquarters. Musk’s comments come as he is set to “significantly” cut back his time at DOGE in part to focus on his EV company Tesla.