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Quest Means Business
Trump Tours U.S. Federal Reserve Building; U.S. Attorney General Meets with Ghislaine Maxwell; E.U. Chief: We're at an Inflection Point with China; President XI Presses E.U. to Enhance Cooperation with China; Trump Speaks After Touring Federal Reserve Building; Company Offers Service That Uses A.I. to Write Wedding Vows and Others. Aired 4-5p ET
Aired July 24, 2025 - 16:00 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
[16:00:15]
RICHARD QUEST, CNN INTERNATIONAL HOST, "QUEST MEANS BUSINESS": The closing bell ringing on Wall Street. It is Autism Science Foundation there ringing
the closing bell tonight. The market is down, I am afraid for them. It has been quite heavily down all day.
I mean, it has been just one of those days where lots and lots of worries and concerns around -- all of which we will get to over the course of the
program. Those are the markets and the main events of the day.
Within this hour, a sharp escalation. Donald Trump's unprecedented war on the Fed Chair. And now Mr. Trump is to join a tour of the Feds over budget
glorious building in Washington.
Tesla shares closed down more than eight percent as sales challenges mount for the E.V. carmaker. How serious is this for you?
And would you say I do if your partner used A.I. to write the vows? My guest tonight says yes, people are doing that more and more. It is turning
into a very big business.
We are live in New York. It is Thursday, July the 24th. I am Richard Quest and I mean business.
Good evening.
Within the hour, President Trump is set to make a rare visit to the U.S. Federal Reserve's headquarter building in Washington, D.C. It is barely
four blocks from the White House and Mr. Trump is expected to arrive any moment now.
According to what the President is saying, the Fed Chair, just framing up the picture there as you can see, the Fed Chair, Jerome Powell, will join
him and show him around the building. These are the renovations that everybody has been talking about, the $2 billion renovations. It is a $2.5
billion project that the President is openly questioning and even suggesting that the renovations were unauthorized, there could be fraud
involved, and it could be grounds for the Fed Chair's removal.
The President's real complaint, though, is that the Fed has held rates steady since December. And only this week, he accused Jerome Powell of
holding back the U.S. economy.
(BEGIN VIDEO CLIP)
DONALD TRUMP (R), PRESIDENT OF THE UNITED STATES OF AMERICA: He is too late all the time. He should have lowered interest rates many times. Europe
lowered their rate ten times. We lowered ours none.
People aren't able to buy a house because this guy is a numskull. He keeps the rates too high and probably doing it for political reasons.
(END VIDEO CLIP)
QUEST: Loads of accusations, none of which seemingly based in anything approaching fact or grounding. The Fed is supposed to be -- actually not
supposed to be. The Fed is independent from the White House by law.
Now, the buildings may only be a few blocks apart. So it says a lot as you can see, there you have that only a handful of Presidents have made that
short visit between these two Washington institutions. Franklin Roosevelt did it in 1937 when he dedicated the building. Gerald Ford was there in
1975 and attended a swearing in ceremony and George Bush was on hand, as you can see, to swear in Ben Bernanke when he became Fed Chair.
In all of these cases, the president's appearance was formal and crucially, seen as an endorsement of the Fed. The nature of today is completely
unprecedented, if only because Brian Todd, we only learned that the President was going there very late in the day yesterday or the day before.
And I mean, these sort of things normally have been announced months in advance or planned long in advance and the agenda here, in your view, is
what?
BRIAN TODD, CNN CORRESPONDENT: Well, the agenda, Richard, is for the President to view firsthand what he has complaining about. He has been
complaining about this $2.5 billion renovation of this building behind me for weeks and weeks now, as have his allies. We just learned a short time
ago that his nemesis in this whole situation, Fed Chair Jerome Powell, is actually going to be accompanying him on this tour of the Federal Reserve
renovation. And we are told that the President will be there basically any minute now.
I am going to step out of the shot so I can show you firsthand, Richard, what this $2.5 billion renovation looks like. Take a look.
Our photojournalist, Jake Schaer is going to zoom in here. You see the scaffolding on the right hand side. There is some scaffolding on the left.
You see a tarp hanging down on the right hand side, two massive cranes have been buzzing around this entire building for months and months now, as this
renovation has gone on, and you see what they call the blue skin waterproof coverings on the windows there during the construction.
[16:05:08]
You see two air conditioning hoses going in there for the workers inside, a cherry picker there out in front. We also, Richard, got some special access
earlier today. The media was given a video tour inside the renovation, where usually construction workers can only go. We saw workers in hazmat
suits navigating the interior of the building as it is being renovated.
We saw stone cladding being placed on the framework. You know, stone facades being placed on other materials on the walls of the interior and
exterior. We also got a view of the original skylight, which is above the main entrance hall. They are restoring that skylight as well.
And we got some new information on security features that are adding to yet more cost overruns, including the installation of blast resistant windows
as part of a general upgrade of the security features that is driving costs up here with this renovation.
Another security feature, what they call so-called progressive collapse measures to prevent the building from collapsing all at once. All of those
things, those newly revealed features that we just found out about today, those are adding to the cost overruns of the building.
It was originally slated to be -- to cost about $1.9 billion for the renovation. It has gone up to $2.5 billion, Richard, and that is what
President Trump is hammering at. But as you said, it is really about the interest rates.
QUEST: Right, but at the end of the day, look, I've been in that building several times. It is huge. It is old. It is classic. It has got many
original features that you -- I mean, you don't just renovate this thing and it is a vast building above ground, below ground at the back of it. I
mean, at $1.9 billion to $2.5 billion, it was always going to cost a fortune.
TODD: I think you're right, Richard. It was inevitable, and the Federal officials say that, you know, it was really -- what really spurred the need
for this renovation is number one, it hadn't had a serious renovation since these buildings were built. They were completed in the mid-1930s and that
includes the Eccles Building here behind me. That's the main Federal Reserve building, plus what is called the 1951 Building, that's to my left,
your right. That's another marble-facade building there. They are very elegant buildings, but they were built almost a hundred years ago. They
have never had a serious renovation until now.
What the Fed says is that things like the electrical grids, the HVAC, the plumbing, the fire detection systems, they were all antiquated. Those are
the reasons that they needed to be replaced and renovated, the cost overruns --
QUEST: Brian, let me pause you. Brian, let me pause you.
I am seeing pictures now of President Trump. It looks like Jerome Powell is standing next to him on his left. They are walking down a corridor. Of
course, hard hats they are wearing because this is a construction site. And this will be -- you know, in this environment, Jerome Powell may be the
expert on monetary policy and economics, but Donald Trump easily outshines him in terms of -- oh, it looks like the President is speaking.
TRUMP: And we are with the Chairman, as you know, Chairman, come on over and we are just taking a look at what is happening and it is a tough
construction job. They are building basements where they didn't exist or expanding them and a lot of very expensive work. There is no question about
it and Tim has been with me for a long time, and you're in charge of the committee.
SEN. TIM SCOTT (R-SC): Indeed. One of the reasons why I wanted to see it because the overruns of the expenses, wanting to figure out why.
TRUMP: Yes, so we are taking a look and it looks like it is about $3.1 billion, it went up a little bit or a lot. So the $2.7 billion is now $3.1
billion --
JEROME POWELL, U.S. FEDERAL RESERVE CHAIRMAN: I am not aware of that.
TRUMP: Yes, it just came out.
POWELL: Yes, I haven't heard that from anybody at the Fed.
TRUMP: It just came out.
SCOTT: Our notes said about $3.1 billion as well.
TRUMP: Three point one.
SCOTT: To 3.2.
POWELL: This came from us?
TRUMP: Yes. I don't know who does that.
POWELL: Are you including the Martin renovation? You just added.
UNIDENTIFIED MALE: That's the entire capitol --
POWELL: You just added in a third building is what that is. That's a third building.
TRUMP: Yes, but that's -- it is a building that's being built.
POWELL: No, it has been -- it was built five years ago. We finished Martin five years ago.
TRUMP: It is part of the overall work.
POWELL: So it is not new.
TRUMP: So we are going to take a look. We are going to see what's happening and it has got a long way. Do you expect any more additional cost overruns?
POWELL: I don't expect them. We are ready for them. But we have a little bit of a reserve that we may use. But no, we don't.
We expect to be finished in In 2027. We are well along as you can see.
TRUMP: Nice to take these off every once in a while when we are not under too much danger.
So any questions?
REPORTER: Mr. President, does the issue give you any --
REPORTER: Mr. President, as a real estate developer, what would you do with a project manager who would be over budget?
TRUMP: Generally speaking, what would I do? I'd fire him.
REPORTER: Do you think this issue, Mr. President, gives you cause to do that?
[16:10:08]
TRUMP: Well, I am here just really with the Chairman. He is 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 would like to see it get finished and in many ways, it is too bad it started, but it did start. And it has been under construction for a long
time. It is going to be a real long time, because it looks like it has got a long way to go.
REPORTER: Mr. President, are there things the Chairman can say to you today that would make you back off some of the earlier criticism?
TRUMP: Well, I'd love him to lower interest rates, but other than that, other than that, what can I tell you? The country is doing really well. I
just briefed the Chairman on the deal we made with Japan. Japan is putting up $550 billion 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 we get a zero tariff in the free trade. We don't
pay tariffs and they're going to pay 15 percent on everything they send into our country, so it is great. But they put up, as you could call it,
seed money. Let's call it seed money. You could call it anything you want. But it is a total of $550 billion, so nobody thought any of that was
possible and it is wonderful.
And we are doing pretty well with the European Union, likewise and we have some others. They are all really big and our country is going to make a lot
of money.
We would be helped if interest rates would come down, but we are going to see how the Board rules on that soon. I'd love to see them come down a lot,
but we have a country that's thriving.
We had a dead country one year ago. Today, we have the hottest country anywhere in the world, and we will get this one finished.
REPORTER: Mr. President --
TRUMP: Thank you.
QUEST: Brian, you and I have a lot -- Brian, you and I have been doing this a very long time, and I've never seen anything quite like that.
First of all, you know, they took questions in a sense of we saw -- I've never seen the Fed Chair look so unhappy. Secondly, he ambushes him with a
piece of paper about the cost of a building, which the Fed Chair has to point out is a new building that's already been completed, and they've
basically -- they've basically ambushed him with it, and then of course, you get this absurdity of the question of lowering interest rates.
What did you make of it? Give me your view.
TODD: I thought it was extraordinary, Richard, as you did. It was almost like a public argument they were having over figures. Trump presenting that
$3.1 billion figure that he presented, saying that the cost has gone up to that. Jerome Powell openly disputing that, saying no, as you mentioned,
Richard, he said no, that's for that -- part of that is for a building that's already been completed.
They are arguing over the facts and figures of this renovation in front of the cameras. I've never seen anything like this. Youve already pointed out
how rare it is for a President to visit the Federal Reserve, pointing out just a few instances in the past, historically.
And this just adds to the, I guess, absurdity of it, I guess you could say, you know, just the fact that not only is it rare for a President to come
here, it is unheard of for the President and the Federal Reserve Chairman to engage in a public argument in front of the cameras over the cost of
this renovation. It is extraordinary.
QUEST: And we will look and work out exactly what it means. Oh, and then he asked, what would you do? Sorry, Brian, you've got to go, but -- and then
he asks, what would you -- he asked the press to ask questions. What would you do to somebody that goes over budget? And President Trump says I'd fire
him.
TODD: Right.
QUEST: A stiff drink, all around. All right, thank you. Thank you, Brian.
TODD: It really -- it really is extraordinary, Richard. Yes.
QUEST: Absolutely. Thank you, sir. Thank you.
Loretta Mester is with me, served as president of the Cleveland Federal Reserve from 2014 to 2024.
Madam President, forgive me. You probably didn't hear. I don't know how much of what has just taken place you heard, but basically they came out.
President Trump said that the cost of the building had gone up from two point nine to three point five. The Chairman of the Fed said, no, you're
wrong. They have a public disagreement over the cost. And then President Trump says, I want you to lower interest rates, and I've never seen Jerome
Powell look so unhappy as he was in that picture.
What do you make of today's shenanigans?
LORETTA MESTER, FORMER PRESIDENT OF THE CLEVELAND FEDERAL RESERVE: Well, it is a continuing campaign from the administration to try to influence
monetary policy and it is very unfortunate because it undermines the credibility of the institution.
I also don't think it really is going to meet the President's goals, which he states are pro-growth policies and wanting to have long term interest
rates come down.
[16:15:10]
If the fed were to succumb to the pressure that the President Trump is putting on them, they would lose all credibility, and I think you'd
actually see if they were going to cut as much as President Trump would like them to, all the way back to one percent, you'd see long term bond
yields actually go up because the market participants would then demand, you know, higher coverage because inflation would be higher. They would be,
you know, have a risk premia in there to hold government debt.
So this is not something that really conforms with what the President's own policy agenda is.
QUEST: Right. So let's split this into two areas, firstly, let's do the, if you will, the theater of what we've seen today, and then we will talk about
actually interest rates and whether they're justifiably should be cut.
On the question, you know Jerome Powell well. He is not the sort of man who is going -- well, he has made it clear, he is not going to give in. But we
had Mohamed El-Erian earlier this week saying for the good of the Fed, he should step down. We were all shocked when Mohamed said that.
How will Powell be taking all of this well.
MESTER: Well, Powell cares about the institution of the Fed, and he also is going to do what the Fed always does when setting monetary policy, which is
really focus on the dual mandate goals, which for the Fed is price stability is one, and the second goal is maximum employment, which Congress
has set for the Fed, and used the best analysis he can and the data and listen to people around the table their views, and set monetary policy
based on that.
But this is not helpful because it means that the Fed is going to have to spend more time telling people what are the real things driving monetary
policy and making sure they understand that it isn't, you know, the President trying to influence that actually has any effect. So it
complicates the whole process, which is not good.
And Jerome Powell will feel that deeply. He will feel that really his job is to set policy, as the Fed always has done based on the economics of it.
But this is not helpful, and I do not think that his resigning is going to be helpful either. He needs to stay there and do his job and focus in on
what the actual things that are driving monetary policy, the economy that's going, inflation, what's happening in labor markets, and try to filter all
of this out. But it is very difficult to do that, but he will be able to do that.
QUEST: Do you believe that, I guess it is sort of a moot question this because the pressure is being put to bear. But I mean, I guess what I would
say is if the pressure wasn't being put to bear, therefore you don't want to be seen to give in. Is there a strong case to be cutting rates further
and faster now, bearing in mind the tariff bump that is still got to feed through the system, should the Fed cut?
MESTER: So there is a case to be made for getting back to a downward path on policy, which they started last September before the tariffs. July isn't
the time to do it. You've got a lot more data coming out. You have two more employment reports and you have two more inflation reports coming before
the September meeting. But at that September meeting, I think they are going to have a meaty discussion about where policy should be.
Of course, it will depend on what happens between now and that meeting in terms of the economic developments. But I do think that they will be able
to have a discussion about where policy should be going.
July is not the time because there hasn't been enough data and change, September, there will be more information that they can use and really, it
is all about balancing the risks to both parts of your mandate.
You know, if there is a case to be said that tariffs will likely raise the price level, but may not have persistent inflation, but we don't know that
yet. So it is going to be balancing that risk versus what is happening in the labor market. Right now, the labor market is really healthy and
inflation is still above goal. So I think they are right to stand pat in July and then wait for more information and see where they are in
September.
QUEST: Right. So this evening, when your day is over and you sit down with a drink of your choice and you start to review the way what -- and you look
at the pictures of today with Powell and Trump and knowing, you know, your own love of the institution of the of the federal system -- the Federal
Reserve system, which is such a cornerstone, what will you make of today?
[16:20:05]
MESTER: Well, it is unprecedented. You know, I think it is right for the Fed who has been given this great responsibility and has been able to run
an independent monetary policy to be held accountable for its policy decision. And also the other workings of the Fed.
That said, today was not that. Today was another step in the continuing haranguing of the President to try to get the Fed to set policy according
to his preferences. And that's not what the Fed should be doing.
So this was unfortunate. You know, it was important that the Chair be there but again, don't misinterpret this as somehow accountability. This is not
that.
QUEST: I am grateful, as always, enjoy the drink when you finally get to it. Thank you very much indeed for joining us tonight on QUEST MEANS
BUSINESS. Thank you.
MESTER: Thank you.
QUEST: Now, Ghislaine Maxwell, the convicted associate of Jeffrey Epstein was interviewed by the U.S. Justice Department today. Maxwell has finished
the meeting with the Deputy Attorney General, Todd Blanche. In a statement this week, Blanche said that if Maxwell has information about anyone who
has committed crimes against victims, the FBI and the DOJ will hear what she has to say.
John Miller is with me.
Can you remember a time when a Dep A.G. has interviewed, gone to the prison to interview a convicted criminal looking for some answers about this, that
or the other so soon after their conviction and before the appeals have all been done?
JOHN MILLER, CNN CHIEF LAW ENFORCEMENT AND INTELLIGENCE ANALYST: Well, I can't remember it because it has never happened before.
QUEST: Exactly. So what is the significance of it today? What is he doing there? What do you believe Todd Blanche wants to get out of this.
MILLER: Well, let's look at the possibilities. Number one, the possibility is that the number two person in the United States Department of Justice
suddenly decided, you know, we prosecuted that Maxwell case before I was here, and maybe I should go check to see if the one person convicted in it
has any information that would be valuable to the Department of Justice.
Now, let's put that over here.
We will move on to -- there has been revelations this week that President Trump's name appears in the FBI case files involving the Epstein
prosecution and the Maxwell prosecution, Epstein killed himself, so he is not a factor here in terms of providing information. He committed suicide
in prison.
But maxwell, as Epstein's girlfriend, right-hand person and convicted recruiter of underage girls for sexual purposes, she certainly might have
information, is the Deputy Attorney General who is immediate past employment was the President's criminal attorney in multiple felony cases,
is he there as the Deputy Attorney General to find out if she has more information on other criminals that might be in the case, or is he asking,
listen, you are familiar with Epstein and all of his friends more than anyone else, would you estimate that President Trump was never involved in
any of these things? Had nothing to do with it? And would you be willing to say that? I mean, that's another possibility. But we don't know if that
question even came up.
QUEST: Right, and if it is all there, I mean, you know, we are now well and truly down in the mud and the sleaze of the whole business. So I guess the
question would be, is she going to cut a deal? And if she did cut a deal to say something, would it count for anything? And what would be the price
that the DOJ would be happy to go with?
MILLER: Well, Mr. Quest, nobody who is in jail does anything for nothing. So if she is going to cooperate with the government as a sentenced prisoner
and her lawyer arranged this, there has to be something in return. Now, what could that be? That could be I am going to move you to a nicer jail.
That's the bottom of the pile. What could that be? I am going to commute your sentence because really, you're taking the weight for Epstein's
crimes, you were under his Svengali power, and you know, you've served enough time. And, you know, all is forgiven. Or the third thing is a full
pardon, which I think is highly unlikely.
The other two possibilities still possible. But look, the way this is done is, you send an Assistant United States Attorney who was connected to the
case and two FBI agents, you ask the questions, you record the answers, and you leave.
Sending the Deputy Attorney General is sending a completely different signal or to borrow a quote from your favorite poem, paraphrasing, at least
the number two man in the Justice Department has learned to walk with kings, but not lose the common touch.
QUEST: And I am grateful, my good, sir, that you have put it into such elegant perspective. Thank you very much indeed.
You know, I will say to you what I've said to Brian Todd about the Chair of the Fed and the President, none of us ever thought we'd be talking about
these sort of things on a daily basis.
[16:25:12]
MILLER: Or more than one at a time in the same show.
QUEST: That's a very good point. Good to see you, John. Thank you.
MILLER: Thank you, Richard. Bye-bye.
QUEST: Thank you. All right, I think well take a break, if only just to have a cup of tea and get my breath back.
(COMMERCIAL BREAK)
QUEST: E.U. Commission President Ursula von der Leyen says trade imbalances with China have reached, in her words, an inflection point. The Commission
President and the President of the council, Antonio Costa, met in Beijing with the Chinese President, Xi Jinping. He said China is not to blame for
Europe's troubles, and urged the E.U. to make what he called the right strategic choice.
It was a tense Summit that was meant to celebrate 50 years of diplomatic ties. Anna Cooban joins me. It was supposed to go two days. It only has
gone one. It is all -- no one looks terribly happy. And I guess what comes out of it?
ANNA COOBAN, CNN BUSINESS AND ECONOMICS REPORTER: Well, Richard, not a lot has come out of it at all, to be quite honest and I think that if anybody
had thought that the common threat that these two great powers are facing, which is tariffs from U.S. President Donald Trump, that would actually
bring them closer, as some people had hoped, I think they'd be very disappointed.
There are some still huge intractable issues on the table. The E.U. really pushed China on its continued support for Russia in its war in Ukraine, but
also on trade, the E.U. is unhappy with this huge trade deficit that it currently has with China, and so it is easy to forget that with the whole
chaos around Trump and tariffs, that actually it has been a longer running trade dispute between the E.U. and China.
QUEST: So the idea, I think many people think that since China and the U.S. are at loggerheads, the idea that you have my enemy's enemy is my friend
does not really apply here because my enemy's enemy is not my friend because he is also my competitor and my enemy.
COOBAN: Exactly. And one of the huge issues around that competition that you just mentioned there is around what the E.U. has referred to as
dumping. It says that it is really worried about this flood of cheap Chinese exports into the European market that it says are made possible
because Chinese companies are having these huge subsidies from the Chinese government, and we've seen over the past year or so a number of probes into
this practice by the E.U. and then retaliation from Beijing. They launched their own probe into European brandy makers last year.
So again, it is easy to forget that behind all the chaos with Trump, there has been this dispute between the E.U. and China.
QUEST: Just completely take you down a different road, forgive me, but I know you're across all of these matters. President Trump said at the Fed a
moment ago that, you know, the talks with the E.U. are coming on better than expected or coming on well. It looks like it might be a 15 percent
tariff for the E.U. We won't know that for a few more days. But it does look as though a deal of some description with the E.U. is closer rather
than further.
[16:30:39]
COOBAN: It definitely does look that way. Over the past few days, we've seen reports of this much touted 15 percent, and that would be somewhat of
a win for the E.U. Let's remember, it's trying to avoid a 30 percent tariff being slapped on its goods from August 1st, but the stakes are pretty high.
The E.U. has made it very clear that it's prepared to enact its countermeasures, about 93 billion euros worth of retaliatory levies and
other trade measures against the U.S. products if a deal isn't struck.
QUEST: So we're on a two-minute warning for President Trump about to give a press briefing. So that's to your benefit because we'll stay with you if we
may to talk more about this. This idea of the E.U.'s position we had last night on the program the Hungarian foreign minister, Peter Szijjarto, who
was talking about how he basically said, I mean, I'm paraphrasing, he was highly dismissive of both Antonio Costa and Ursula von der Leyen, as
basically, I suppose, not being up to the job.
The E.U. had, he said, basically cocked up the negotiations by -- with Donald Trump because they had been so rude about him in the past.
COOBAN: Well, I mean, it's a 27-nation bloc, you have to remember, you've got a lot of governments, a lot of opinions flying around.
QUEST: Right.
COOBAN: But the E.U. has come out quite stridently relative to some of its previous commentary in recent days, trade negotiator, the chief negotiator
Sefcovic has basically said that if these 30 percent tariffs come into force, that will effectively wipe out trade between the E.U. and the U.S.
as we know it.
Now, in my experience of covering this, I haven't seen commentary that strong from the E.U., but of course the Hungarians might disagree.
QUEST: Right. Thank you, Anna. Stay there because you may read your interpretation and your analysis of what we're going to do.
We're now seeing pictures of President Trump. I think he's speaking now. Let's see if we can listen in.
No, we're not hearing the president there.
DONALD TRUMP, PRESIDENT OF THE UNITED STATES: We sold it to Waldorf Astoria. 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. And for about $200 million. And that was a big hotel, big,
big project. But we looked around and Tim Scott is here someplace.
Tim, come on up. Just 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 because the interest rates are too high. We have no inflation. We have a lot of cash coming in.
The tariffs have been unbelievable now. People that didn't even believe in tariffs are saying what a great move that was. We have hundreds of billions
of dollars coming in. Japan, just on one deal is paying us $550 billion. And they opened up their economy. It's incredible. The deal. And they're
happy. We're happy. Everybody is happy. But we should have the lowest interest rate of any country. And we don't. We should have.
Every point is worth $365 billion. So we want to get the rates down. But we also want to get the Fed building finished. So I met with the contractors.
We toured it with the chairman. And we had a very good tour. And we'll talk to you about it sometime. But Tim and I, we sort of understand what
happened.
SEN. TIM SCOTT (R-SC): Yes. Too expensive. Bottom line is this. Americans deserve to become first-time homebuyers. President Trump has created the
best economy in the world. The one thing that would make it better is lower interest rates. Full employment is even more possible. Wages rise faster as
interest rates come down when your employment is at 4.1 percent. Because of your leadership, we have revenues coming in at record breaking, maybe last
month, even more revenue coming in than bills going out, which is remarkable.
TRUMP: They found $25 billion, $26 billion. They said, where did that come from? Nobody. I think that's been many, many decades since that happened.
SCOTT: I can't remember.
TRUMP: That they found $26 billion last month. And they said, where did that come from? I said, why don't you try the tariffs? And it was true. We
took in -- we're taking in hundreds of billions of dollars. And our country is doing great and we have no inflation. And the numbers, the job,
everything is good.
[16:35:05]
The one thing we have to do is get housing prices down and the interest rates down so people can buy the house because they're all making money,
but they can't get the interest rate down. We have to.
SCOTT: Amen.
TRUMP: All right?
QUEST: So we're watching the president and Tim Scott talking there about this. And we're taking some -- they're taking questions as well.
TRUMP: -- situation taking place. Let's put it that way. And I was given a very nice tour but the interest rate now we have to.
SCOTT: Amen.
TRUMP: All right? And he's been my friend for a long time.
UNIDENTIFIED REPORTER: On a number of construction sites, did you see mismanagement going on or funds that aren't --
TRUMP: Well, I see a very luxurious situation taking place, let's put it that way. And I was given a very nice tour by the head of construction and,
you know, look, if you look over here, they're trying to open up the basement. When you open up a basement, first of all, it's the worst space,
always a basement is the worst space in a building. And it's also the most expensive space to build.
And especially here, because you have a water line, you know, they're going down into the water, so they have to build a reverse, what's called a
reverse bathtub. The water has to be kept out. It's very expensive construction. So it would have been good if they didn't build. It would
have been good if they didn't do certain other things. If you look at the kind of protection in the hall, have you been able to get in the hall? You
saw the protection of plywood.
I mean, that was a lot of money just to protect it for a period of time. I would have done it very gingerly and easily and not have to spend, you
know, millions of dollars on protection. And there are things that could have been different. Look, look, there's always Monday morning
quarterbacks. I don't want to be that. I want to help them get it finished. It's been going on for years and I want to help them get it finished.
And what we really want to do, and I think I can speak for Tim and I think I can speak for the entire Senate, we can speak for everybody, frankly, is
we want to see interest rates come down. Our country is booming and the interest rates is up fine a little notch. And if you look at Europe,
they've lowered 11 times, 11 times in a short period of time. We've lowered zero. And you know, they are competition, although we're in the process of
probably making a very good deal with them, too.
They want to make a deal very badly, very badly. So we're making the deal. We just completed our deal with Indonesia. We just completed our deal with
the Philippines. We're making unbelievable deals and the money is pouring in. We want to get interest rates down.
UNIDENTIFIED REPORTER: But on interest rates, at some point, does the level of interest rates now slow economic growth?
TRUMP: Yes, it never helps it if it's high. It never helps it. Well, it's already -- as good as we're doing, think of how we'll be -- we'd be like a
rocket ship. As good as we're doing we do better if we had lower interest rates and we should. We're prime. Don't forget, without us, the whole world
collapses. So we should have the lowest interest rate. Because, you know, you can talk about Switzerland. You can talk about wonderful countries. No
debt. No, but without us, everything collapses.
We should have the lowest interest rate. And if you took it down three points, not a little bit, but three points, if you got us down to one, we
would save more than $1 trillion. Basically, with just a paper transfer. You wouldn't be cutting costs of anything. You wouldn't be building
anything, just a move of the hand saying we're going to lower interest rates. You would save $1 trillion a year and there's nothing you can do to
save that kind of money. So, so --
UNIDENTIFIED REPORTER: (INAUDIBLE)?
TRUMP: Well, we had a little talk about it, and I thought it was a very productive talk. He'll be able to tell you at his next meeting. But I will
say that he did say the country is doing really well.
(CROSSTALK)
TRUMP: And the country is really doing well.
UNIDENTIFIED REPORTER: Mr. President.
TRUMP: Yes, please go ahead.
UNIDENTIFIED REPORTER: How would you describe your talk with him? Would you say that the energy was tense? Did you know (INAUDIBLE)?
TRUMP: No, I didn't think it was tense. No, I thought we had a good meeting. I really -- no, there was no tension. There was no tension. I
think you had more tension with my great senator to the right. He's pretty tough cookie. He was, you might say.
SCOTT: The bottom line is we had an honest, candid conversation about some of the overruns at this --
QUEST: So, interestingly, to listen to them, the one thing that strikes me just off the top of my head is Donald Trump, they're talking about, he
seems to be backing off this idea of fraud and over waste and all sorts of things on the Fed building. He's talking much more as a contractor there.
These things happen. There's always things that happen. They're doing expensive work, this, that and the other.
And you really do see the expertise that he brings on construction here as he's talking about it. And there's less talk about they've done it wrong.
It's awful. It's bad. It's terrible. And a lot more about, well, maybe, maybe. One other thing to correct. He keeps saying that the Fed hasn't
lowered interest rates.
[16:40:00]
It's not true. Three times that they've lowered interest rates. They're on pause at the moment. They've paused lowering rates while they wait to see
what's happening with tariffs.
So much more to talk about. But I'm going to go in a completely different direction. You want to say I do and you want to have your vows perfect.
Just ask A.I.
Coming up, the company that sells A.I. generated wedding vows in a moment.
(COMMERCIAL BREAK)
QUEST: Scientists are sounding the alarm on a quiet crisis, as they're calling, nature falling silent.
Today on "Call to Earth," we're going to head to Colombia, where one conservationist is working to preserve wildlife's soundtrack while also
making it a nature more accessible to all.
(BEGIN VIDEOTAPE)
JUAN PABLO CULASSO, NATURAL SOUND RECORDIST: By hand when I enter to the forest, I try to walk slowly, breathe calmly, try to really connect with
that sounds.
My name is Juan Pablo Culasso and I would like to invite you to observe the nature through your ears.
ZAIN ASHER, CNN CORRESPONDENT (voice-over): Juan Pablo has never seen a bird in his life, but the Uruguayan birder doesn't need sight to identify
more than 700 bird species. His perfect pitch hearing does all the work instead.
CULASSO: Most people believe that only sighted persons can really enjoy nature but from a blind perspective, I have other four senses to really
enjoy what's around me.
ASHER: Blind since birth, Juan Pablo discovered his passion for nature at 16 when he was gifted his first audio recorder.
[16:45:05]
CULASSO: I pressed the rec button and listen that sound through headphones. It was so amazing for me. It changed my life.
ASHER: He's since memorized 3,000 bird calls and has traveled the world from Africa to Antarctica, capturing the diverse soundscapes of our
ecosystems.
CULASSO: I used my material for many purposes, including science and conservation. Soundscapes are used in science to tell you how healthy is an
ecosystem. For example, the most amazing indicator for that are birds. If you can record two or three species that really needs that ecosystem to
survive, you can say that that ecosystem is really healthy.
ASHER: Over his 20-year career, he's noticed certain sounds are disappearing because of human activity and climate change, which is why
he's on a mission to preserve nature's auditory heritage through repositories like Cornell University's Macaulay Library, where his work can
be used for educational research purposes like tracking ecosystem conditions.
For Juan Pablo, these recordings are also a bridge to inclusion.
CULASSO: It's a privilege to be there in a forest like this and touch the plants and touch the flowers and touch the trees. Here in La Ilusion
Natural Reserve, we are doing a lot of beautiful jobs regarding adapting trails, making 3D models of the birds, working with sounds. We are working
with Braille.
It's here in the visitor center there are some animals here. Our eyes are in our fingers. We need touch. We need really more of that experiences
around the world. So there are a lot of work to do. I'm so proud to be here recording soundscapes and show to the world the importance of conservation
through sounds.
(END VIDEOTAPE)
QUEST: What are you doing to answer the call, hashtag "Call to Earth."
(COMMERCIAL BREAK)
[16:50:10]
QUEST: "When you trip over love, it is easy to get up. But when you fall in love, it is impossible
to stand again."
That was part of the wedding vows, an excerpt from my wedding vows when I married Chris. But that saying, of course, wasn't written by me. It was
written by Albert Einstein, of course. And I spent hours, hours trying to find the exact quote that would express how I felt. And so it's not
uncommon to use other people's words in wedding vows.
But my next guest has taken it all a bit further. She is encouraging the use of A.I. in certain cases to help couples write their messages. Jen
Glantz is the founder of Bridesmaid for Hire, and we've had such a debate about this.
I mean, why are people doing it?
JEN GLANTZ, FOUNDER, BRIDESMAID FOR HIRE: Look, not everybody is a good writer, but everyone has those words and emotions in them. And to pay a
professional could cost you thousands of dollars. And using A.I. makes that price point way more affordable.
QUEST: I guess then the question, so as we played through this, we said, all right, well, why do I need you? I mean, I got, you know, five A.I. in
my phone, I can -- whatever. So what do you bring to the equation?
GLANTZ: The problem with using general A.I. is you don't know what to tell them or what questions that you need to ask them. Our tools asking the
questions to help pull out the right information and details that are needed to write these vows or these wedding speeches.
QUEST: And you're using an amalgam of A.I. or are you using a particular A.I.? What's the genesis of it?
GLANTZ: So we all know that when we use general A.I., it sounds robotic. It sounds generic. But our tools are trained based on hundreds of speeches and
vows that I have written over the last 10 years. So these speeches sound professional. They have heart and they have personality to them as well.
QUEST: You see, that's the important point, isn't it? It's this idea of adding personality to it. And there's an almost inherent contradiction in
turning to robotic machine to add personality.
GLANTZ: Absolutely. And I think, you know, the big thing is we all want people to feel how we feel when we're reading these words. And robots can't
necessarily do that yet for us. But having a human combined with A.I. tools allows your vows to feel more human, more natural, and really allow that
emotion to show through in the words.
QUEST: OK, so when you put in, what sort of things do people want to say usually when they -- when they're doing this? What are the prompt questions
that you ask?
GLANTZ: Well, when we're talking about vows, it's important to have a structure and a story line. So we'll ask questions about how did you meet
that person, how did you feel when you met them, how did your relationship evolve, what are the wishes that you have for the future. The important
questions that are going to pull out the right information for your vows.
QUEST: Have you had a scenario where essentially the whole darn lot is done by A.I.? The vows are written. The best man's speech is written. The
groom's speech is written, the bridesmaids' thanks are written. The lot. Throw it all in. Get A.I. to do the lot. Oh, and the menu. The menu has
been chosen.
GLANTZ: Yes. We have over 100 wedding tools on our site, so people will plan everything from their wedding, their honeymoon, their seating chart.
Best man speech, father of the bride speech. We do it all and it's all powered by A.I. and this is the only way you can do it, where you're not
spending hundreds or thousands of dollars. So it makes it accessible for everybody, which we all know weddings are expensive and this is a more
accessible route to go down.
QUEST: OK, so here's a hard one for you. What would you say you wouldn't get A.I. to do?
GLANTZ: I think if I was having a really difficult conversation with my spouse or in need of certain type of therapy, I think that A.I. could be a
little bit dangerous because sometimes it might tell you what you want to hear. So for a really serious moment where you need a professional, whether
it's health related or mental health related, that's where I would stay away from using A.I.
QUEST: I'm grateful for you for taking the time. I mean, as I'm sure you must have been inundated with requests and calls about this. It's been the
biggest talking point in our office today. Thank you so much. I'm so grateful that you joined us tonight. Thank you.
GLANTZ: Thank you for having me. Thank you.
QUEST: Thank you. Incidentally, you know, I was talking about that quote from Einstein that I was -- that I used. It did take me ages to find it. I
kept searching for other quotes and other quotes and other quotes and never finding the right thing. And then the more I went on and the further I got
onto it, the more I think this is useless, Quest.
[16:55:03]
You do this for a living. You should be able to find something that's -- anyway, you get the idea.
"When you trip over love, it is easy to get up, but when you fall in love it is impossible to stand again." And there was a look of horror in both
Chris's face and everybody else who was there when I said, I'm now going to quote from Albert Einstein, and everybody thought, he really has lost the
plot here.
Let's look at the markets and I'll show you how we leave you tonight. Bearing in mind what sort of a day it has been. Down all from the moment we
got going to the moment we closed, we were probably at the lowest, warmest point of the day. We also had the triple stack. You can see the green and
the red there. More red than green, obviously, but that's fairly normal on a day like today. The losses were quite sizable. IBM off 7 percent. The
Nasdaq eked out a small gain, as indeed did the S&P 500, which does show you it was one or two big stocks that really dragged down the Dow.
We will take a "Profitable Moment" after the break.
(COMMERCIAL BREAK)
QUEST: Tonight's "Profitable Moment," Jerome Powell has one of those faces that never looks particularly happy. Well, today he looked especially sad
and at least miserable as he walked with President Trump through the new or the renovated building at the Fed, it became clear he'd rather be anywhere
else. And then we get that picture. The bickering over the cost. President Trump says it's gone up to $3.5 billion. Jerome Powell says no, it hasn't.
President Trump takes out a piece of paper. Jerome Powell looks at it and says, oh, but hang on. You've included in other buildings here. This was
classic Trump. Classic. He ambushes. First of all, he engineers the scenario where the Fed chair has to play a role. Then he knocks him off his
stride by turning up, then he disputes something. I mean, it was a version of Zelenskyy one way or the other.
By having a public argument with the -- with the head of the Fed who had two choices, either just say nothing and then the perceived wisdom is that
the bill is $3.5 billion, or bicker and point out that the president is wrong, and then everybody thinks, well, maybe you're wrong anyway.
This was an appalling example of just how the Fed's independence is being chipped away at by this administration. Just remember what Jamie Dimon of
Chase said. If the Fed's independence is questioned, the repercussions could be much greater than anybody wishes.
And that's QUEST MEANS BUSINESS for tonight. I'm Richard Quest in New York. Whatever you're up to the hours ahead, I hope it is profitable. I'll see
you tomorrow. It's Friday. Summer Friday.
END
