Trump, Powell Clash Over Fed Renovation Costs

President Donald Trump visited the Federal Reserve's Washington headquarters and publicly clashed with Fed Chair Jerome Powell over the cost of the central bank's renovation project. Trump alleged costs had reached $3.1 billion, but Powell clarified this figure included a previous building's expenses. The renovation, which began in 2022 and is scheduled for completion in 2027, is aimed at safety and modernization, including asbestos removal and upgraded security. Trump renewed demands for significant interest rate cuts but stated he would not fire Powell. Senate Banking Committee Chair Tim Scott and the White House called for greater accountability in the project's budget. The confrontation, broadcast and fact-checked in real time, drew a muted response from financial markets, which expect the Fed to keep rates steady.