President Trump on Thursday said the renovation project at the Federal Reserve is not grounds to fire chair Jerome Powell, seemingly backing off the central bank leader.

After touring the construction site at the central bank’s headquarters in Washington, Trump was asked if he believed the project, which he and his administration have crticized as being over budget, is a fireable offense.

“Look, I would love to see it completed, I don’t want to put that in this category,” the president said. “It’s a very complex thing that could have been made simple.”

Trump, who noted his own familiarity in construction during his career as a real estate developer, backed off the idea of firing Powell but continued to hammer the notion that interest rates, which are set by the Fed, must be lowered.

The president was asked about his concerns that interest rates are hurting families and why he would let Powell stay in his role through May if thats the case.

“Because to do that is a big move and I just don’t think it’s necessary,” Trump said. “I believe that he’s going to do the right thing, I believe that the chairman is going to do the right thing. It may be a little too late, as the expression goes.”

And, when asked if he would fire Powell should he opt not to cut rates, Trump replied, “I don’t think we’re going to do that.”

Trump also said there was “no tension” between him and Powell when asked about the energy of them meeting.

Top White House officials have zeroed in on the $3.1 billion price tag for the renovation of the Fed, while Trump has repeatedly publicly called on Powell to lower interests rates and criticized him over Truth Social. He’s also called Powell a “knucklehead.”

The president last week suggested the cost overruns — the project was initially billed to be $2.5 billion — could be cause to fire Powell. Last week, reports emerged that Trump had indicated to Republicans during a meeting in the Oval Office that he plans to fire Powell, a senior White House official told The Hill.

He has since backed off and denied those reports.