Trump and Fed Chair Powell Clash Over $3 Billion Renovation in Awkward On-Site Exchange
During a tense visit to the Federal Reserve’s renovation site on Thursday, former President Donald Trump challenged Fed Chair Jerome Powell over what he claimed were ballooning construction costs—sparking viral reactions online.
Trump alleged the project’s price tag had surged to $3.1 billion, contradicting the Federal Reserve’s official $2.5 billion estimate. Powell, visibly confused, pushed back, saying, “No one at the Fed has told me that.” It was later revealed that the paperwork Trump had brought referred to the completed renovation of the Fed’s Martin Building from five years ago—not the current project.
Unbothered, Trump pressed on, asking Powell if further cost overruns were expected. Powell replied flatly, “Don’t expect them.” Trump, leaning into his real estate roots, quipped, “I would have fired someone for that,” before joking that he might go easier on Powell if he lowered interest rates.
The awkward moment came just days after Trump labeled Powell a “numbskull” in a scathing Truth Social post. Despite that, Trump clarified in an interview with USA Today that he has no immediate plans to remove the Fed Chair. “I don’t think it’s necessary, and it’s a big move,” he said.
Trump, however, remains vocal about his desire for aggressive interest rate cuts. He’s pushing for a drop to 1%, far below the Fed’s current range of 4.25% to 4.5%.
With economic and monetary policy front and center as the next presidential race heats up, the exchange only deepens the already strained relationship between Trump and Powell.