Federal Reserve Chair Fact-Checks Trump Over $3 Billion Renovation Cost

President Donald Trump publicly criticized Federal Reserve Chair Jerome Powell over the escalating costs of the Fed's headquarters renovation, claiming the total had ballooned to $3.1 billion, a figure Powell disputed during a tense exchange on-site. Powell clarified that Trump was mistakenly including costs from a separate building renovated five years ago, with the Fed's current estimate at $2.5 billion, up from an original $1.9 billion due to construction costs, tariffs, and security requirements. Despite the disagreement, Trump expressed frustration with borrowing costs and reiterated his desire for lower interest rates to boost economic growth, though he tempered earlier threats to fire Powell. Powell maintained the Fed's independence and indicated no expectation of further overruns, while White House officials downplayed the cost discrepancy as a minor detail amid a significant overall overrun. The confrontation underscored ongoing tensions between the president and the Fed chief, with Trump continuing to pressure Powell on monetary policy while scrutinizing federal spending. Both leaders appeared at the renovation site wearing hard hats, highlighting the unusual public nature of their dispute.