Trump Clashes with Fed Chair Powell Over $3 Billion Renovation Costs

During a Thursday visit to the Federal Reserve’s renovation site, former President Donald Trump confronted Fed Chair Jerome Powell about the project’s rising costs. Trump claimed the price had soared to $3.1 billion, contradicting the Fed’s official estimate of $2.5 billion.

Powell, standing beside Trump, appeared confused. “I haven’t heard that from anybody at the Fed,” he said. Trump then handed Powell a document, which Powell realized referenced a different project—the Martin Building renovation completed five years earlier.

Undeterred, Trump asked whether further cost overruns were expected. Powell responded, “Don’t expect them.” Trump, drawing on his real estate experience, said, “I would have fired someone for that,” then joked he might ease off Powell if interest rates were lowered.

This public exchange followed Trump’s recent Truth Social post, where he labeled Powell a “numbskull.” Still, Trump told USA Today he doesn’t plan to fire Powell: “It’s a big move, and I just don’t think it’s necessary.”

Despite the tension, Trump expressed hope. “I believe he’s going to do the right thing… It may be a little too late, but I believe he will.”

Trump continues pushing for significant interest rate cuts. The Federal Reserve currently maintains rates between 4.25% and 4.5%, but Trump has called for a drastic drop to 1%.

The incident adds to the growing friction between Trump and Powell as economic and monetary policy become focal points ahead of the next election cycle.

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