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Trump, Powell Clash Over Fed Renovation Costs; Trump Says Firing Powell Not Necessary | N18G

On July 24, President Donald Trump and Federal Reserve Chair Jerome Powell publicly disagreed over the cost of renovating the Fed’s Washington headquarters. Trump claimed costs had increased from \$2.7 billion to \$3.1 billion, but Powell disputed this, explaining Trump had mistakenly included expenses from a previously completed building. Despite their disagreement, Powell assured there were no further expected overruns and said the Fed had reserves if needed. When asked what he would do in such a situation, Trump said he would usually fire the project manager. However, he clarified he would not fire Powell, despite having criticized him before and calling him a “numbskull” earlier that week. Trump acknowledged that firing Powell would be a major step and said it wasn’t necessary. The visit came shortly before a Fed meeting expected to keep interest rates steady. The White House has also criticized the renovation project as overly costly and excessive.

first published: Jul 25, 2025 10:48 am