Trump Confronts Fed Chairman Powell During Visit to Federal Reserve Building Under Renovation

In an awkward moment for Powell (X).

BREAKING: President Trump is OPENLY GRILLING Jerome Powell to his face at the Federal Reserve Building in DC

This comes after Trump found out the total for the renovations are actually $3.1 BILLION

“What are all these overruns about?!”

Holy CRAP this is an amazing watch pic.twitter.com/Dh4ltIXF6p

— Nick Sortor (@nicksortor) July 24, 2025

Donald Trump clashed with Jay Powell during a visit to the Federal Reserve’s headquarters on Thursday in a rare public confrontation between a US president and central bank chief. The two men, who had donned white hard hats as they surveyed the refurbishment of the Fed’s Marriner S Eccles headquarters in Washington, quarrelled in televised remarks over the costs of the project. “We’re taking a look, and it looks like it’s about $3.1bn, it went up a little bit, or a lot. So the 2.7 is now 3.1,” Trump said moments after beckoning Powell to come into the centre of the camera frame. Powell shook his head and interrupted the president, saying he was “not aware” that the cost of the project had risen from the central bank’s estimate of $2.5bn. “It just came out,” Trump said, removing a piece of paper from his pocket as they stood side-by-side in a corridor with exposed wood framing and construction equipment …. Trump said on Thursday that there was “no tension” between him and Powell. “I have one dispute . . . I just want to see one thing it’s very simple, interest rates have to come down,” he said. He added that he “didn’t think it was necessary” to fire Powell, whose term as chair expires in May 2026 (Financial Times).

Trump tours Federal Reserve, confronts confused Powell about renovation price tag

By: Fox News, July 25, 2025;

President Donald Trump tours the Federal Reserve with Chairman Jerome Powell and confronts him about the ‘expensive’ cost of renovations.

Trump and Powell’s feud just exploded into the public. And then Trump backed off

The look on Federal Reserve Chair Jerome Powell’s face said it all.

In a press briefing Thursday afternoon, midway through a tour of the Fed’s ongoing renovation project, President Donald Trump claimed that the work cost $3.1 billion — about $600 million more than its stated price tag.

The typically stoic Powell looked at Trump and began shaking his head.

“Went up a little bit — or a lot,” Trump said. “And so the 2.7 is now 3.1.”

That’s when Powell couldn’t hold it in any longer. The Fed chair shot Trump a quizzical look that appeared both aghast and confused.

“I’m not aware of that,” Powell interrupted.

“Yeah, it just came out,” Trump said, confidently, handing Powell a piece of folded paper from his inside jacket pocket.

Powell donned his reading glasses and reviewed the document, trying to surmise what Trump was talking about.

“This came from us?” Powell asked.

“Yes,” Trump said.

Seven awkward seconds of silence followed, until Powell figured it out: “Oh. You’re including the Martin renovation,” referring to a Fed building whose construction was completed in 2021. “You just added — you just added a third building.”