AWKWARD! Trump Prods Jerome Powell About Renovation Controversy During Fed Visit

President Donald Trump confronted Fed Chairman Jerome Powell about cost overruns for a controversial renovation project during a visit to the Federal Reserve on Thursday.

With both men wearing hard hats, Powell looked uncomfortable as Trump said in front of a camera that it was just revealed that the renovations tab had increased to $3.1 billion.

Q: Are there things the chairman can say to you today that would make you back off some of the earlier criticism?

POTUS: Well, I’d love him to lower interest rates. Other than that, what can I tell you? pic.twitter.com/9NlrRizfbj

— CSPAN (@cspan) July 24, 2025

“It went up a little bit — or a lot,” Trump said, after which Powell grimaced and shook his head.

Powell said he was not aware of the figure, after which Trump took out a paper that ostensibly showed where the president was getting the number. The Fed chair took out a pair of glasses.

Sen. Tim Scott (R-SC), who joined Trump during the visit, said that his notes also had the amount of $3.1 billion or $3.2 billion. Powell then asked if the notes came from “us,” to which Trump replied in the affirmative.

Powell, after having given the document a look, said, “You just added in a third building.” He added that it had been constructed five years ago.

“It’s part of the overall work,” Trump declared, waving his hands. Powell cut in to assert, “It’s not new.”

After a brief pause, Trump began speaking about taking a look at the project. He then asked Powell if he expects “additional cost overruns” in the renovations.

“Don’t expect them,” Powell said. “We’re ready for them. But we have a little bit of a reserve that we may use, but, no, we don’t. We expect to be finished in 2027. Um, we’re well along as you can see.”

Trump removed his helmet and seemed to ease the tension a little, quipping, “Nice to take these off every once in a while.” As the president continued, Powell stuck out his tongue in a silly fashion and took off his helmet as well.

Although Trump nominated Powell to lead the U.S. central bank during his first term in 2017, he has heavily criticized the Fed chair in recent months for not lowering interest rates.

Powell said in early July that the Fed would already be easing monetary policy if not for tariffs and the concerns they bring about inflation. However, that intransigence may change with the next meeting of the central bank’s interest rate committee next week.

During his visit on Thursday, a reporter asked Trump, “Are there things the chairman can say to you today that would make you back off some of the earlier criticism?”

Trump replied, “Well, I’d love him to lower interest rates. Other than that, what can I tell you?” He did so while giving a friendly slap on the back, and Powell flashed a little smile and chuckled.

A couple of weeks ago, The New York Times reported Trump drafted a letter to fire Powell — something he is only permitted to do “for cause” on issues not related to policy disagreements. But the president has indicated he is not ready to take such drastic action.

Trump’s administration and its allies have raised concerns about the renovations project, which saw its costs balloon from $1.9 billion. Powell, whose term as chair is slated to end in May 2026, has asked the Fed’s inspector general to review the effort.