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Thursday, July 24, 2025 9:17PM
President Donald Trump publicly scorned Federal Reserve Chair Jerome Powell on Thursday for the cost of an extensive building renovation as the two officials began a tour of the unfinished project.
President Donald Trump publicly scorned Federal Reserve Chair Jerome Powell on Thursday for the cost of an extensive building renovation as the two officials began a tour of the unfinished project.
Trump said the project cost $3.1 billion, much higher than the Fed’s $2.5 billion figure, while Powell, standing next to him, silently shook his head.
President Donald Trump listens as Federal Reserve Chairman Jerome Powell speaks during a visit to the Federal Reserve, Thursday, July 24, 2025, in Washington.
AP Photo/Julia Demaree Nikhinson
“This came from us?” Powell said, then figuring out that Trump was including the renovation of the Martin Building that was finished five years ago.
“Do you expect any more additional cost overruns?” Trump asked.
Federal Reserve Chairman Jerome Powell looks over a document as President Donald Trump points during a visit to the Federal Reserve, Thursday, July 24, 2025, in Washington.
AP Photo/Julia Demaree Nikhinson
“Don’t expect them,” Powell said.
Trump said in his career as a real estate developer he would fire someone for cost overruns. The president joked that he would back off Powell if he lowered interest rates.
This is a developing story. Please check back for updates.
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