Trump, Fed Chair Clash Over $3.1B HQ Renovation Costs

President Donald Trump publicly confronted Federal Reserve Chairman Jerome Powell over escalating costs of the Federal Reserve headquarters renovation, questioning the project's budget which Trump claimed had risen to $3.1 billion, significantly higher than the Fed's estimate of $2.5 billion. During a rare joint visit to the construction site, Trump challenged Powell on the figures, asserting that a third building was part of the ongoing project, which Powell disputed, explaining it was completed five years ago. The tense exchange highlighted broader frustrations, with Trump linking his criticism of the renovation costs to his dissatisfaction with Powell's interest rate policies, which Trump believes are hindering economic growth. Despite repeated criticism and pressure, including from some House Republicans accusing Powell of misleading Congress about the renovation expenses, Trump indicated he might not fire Powell but remains critical of his leadership. The visit also came amid efforts by Trump to divert attention from controversies surrounding his administration, including the Jeffrey Epstein case. This confrontation underscores the ongoing rift between Trump and Powell, with the renovation cost overruns serving as a focal point for wider disputes over economic policy and Fed governance.