Trump Clashes with Fed Chair Powell Over $3 Billion Renovation Blowout
Unexpected Tension Surfaces During Federal Reserve Renovation Tour
During a Thursday visit to the Federal Reserve’s renovation site, former President Donald Trump didn’t hold back—publicly challenging Fed Chair Jerome Powell over skyrocketing project costs. Trump claimed the renovation price tag had soared to a staggering $3.1 billion, sharply contradicting the Fed’s official estimate of $2.5 billion.
As Trump aired his concerns, Powell, standing beside him, shook his head and replied, “I haven’t heard that from anybody at the Fed.”
A Surprising Mix-Up and a Candid Exchange
Trump then pulled a document from his pocket and handed it to Powell. Confused, Powell asked, “This came from us?” before realizing Trump was actually referencing the Martin Building renovation — a project completed five years ago.
Pressing further, Trump asked, “Do you expect any more additional cost overruns?” Powell responded coolly, “Don’t expect them.”
Drawing on his real estate experience, Trump quipped, “I would have fired someone for that.” He then joked that maybe he’d be more lenient if interest rates were lowered.
Tensions Extend Beyond Renovations: Interest Rates in the Spotlight
This tense exchange comes on the heels of Trump calling Powell a “numbskull” on Truth Social. Still, Trump insisted he has no plans to remove Powell, telling 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 Hard for Rate Cuts
While the Federal Reserve currently holds interest rates between 4.25% and 4.5%, Trump continues to push aggressively for a dramatic reduction—to just 1%, according to The Guardian.