US President Donald Trump on Thursday claimed the cost of renovating the Federal Reserve buildings had jumped to $3.1 billion, and as he was speaking, Fed Chair Jerome Powell stood beside him, silently shaking his head in disagreement. The awkward yet tense exchange happened during Trump’s surprise visit to the Fed’s headquarters in Washington, where he appeared to corner Powell in front of the media.
‘You included a third building’: Powell hits back
Trump had stopped mid-tour to speak to the media. He waved Powell over to stand beside him, then claimed the cost of renovating the Fed buildings had ballooned to $3.1 billion, higher than previously reported.
As Trump made the statement, Powell quietly shook his head. “I’m not aware of that,” Powell said. “I haven’t heard that from anybody at the Fed.”
Trump insisted the new figure had “just come out” and pulled papers from his coat pocket as proof. He handed them to Powell, who read them and responded, “You included a third building,” explaining that the structure in question was completed five years ago and was not part of the current renovation.
Despite this, Trump kept suggesting that the cost had overrun, fuelling speculation that he is on fact trying to build a case to remove Powell. Senator Scott, standing near both of them, also criticised the cost of the project, calling it excessive.
When asked by a reporter what he would do, as a builder, if a project manager went over budget, Trump replied: “Generally speaking, I’d fire him.”
Powell, remaining calm, said the Fed does not “expect” more cost overruns but is “ready for them” if they occur.
Trump Vs Powell caught on camera – Watch
‘I’d love him to lower interest rates,’ says Trump
Before stepping away to continue the tour, Trump once again brought the conversation back to interest rates, his long-standing demand from Powell.
“I’d love him to lower interest rates,” he said, making it clear that monetary policy, not just building costs, remains his real concern.
Powell has repeatedly said the Fed must remain independent and immune to political pressure and that the President cannot fire the Fed Chair.
The face-off added more fuel to the growing tension between Trump and the central bank as a crucial interest rate decision looms.