Trump Clashes with Fed Chair Powell Over $3 Billion Renovation Costs
Tension Builds During Tour of Renovation Site
During a Thursday visit to the Federal Reserve’s ongoing renovation site, former President Donald Trump publicly criticized Fed Chair Jerome Powell over the project’s escalating costs. Trump claimed the renovation cost had ballooned to $3.1 billion, sharply contradicting the Fed’s $2.5 billion estimate.
As Trump aired his concerns, Powell, standing beside him, shook his head and responded, “I haven’t heard that from anybody at the Fed.”
A Surprising Document and Misunderstanding
Trump then pulled a document from his pocket and handed it to Powell. Confused, Powell asked, “This came from us?” before realizing Trump was referencing the Martin Building renovation, completed five years ago. Trump pressed further: “Do you expect any more additional cost overruns?” Powell calmly replied, “Don’t expect them.”
Drawing from his own real estate background, Trump added, “I would have fired someone for that.” He then joked he might ease off Powell if interest rates were lowered.
Tensions Continue Over Interest Rates
This exchange followed Trump’s recent Truth Social post, where he called Powell a “numbskull”. Despite the criticism, Trump said he doesn’t plan to fire him.
Asked whether Powell’s position is at risk, Trump told USA Today,
“To do that is a big move, and I just don’t think it’s necessary.”
He added,
“I believe he’s going to do the right thing… It may be a little too late, but I believe he will.”
Trump Pushes for Lower Rates
Currently, the Federal Reserve has kept interest rates between 4.25% and 4.5%, according to The Guardian. However, Trump continues to push for a drastic cut—down to just 1%.