Trump And Fed Chair Powell Clash Over Cost During Surprise Visit To Central Bank

The long-standing friction between former President Donald Trump and Federal Reserve Chair Jerome Powell boiled over in public on Thursday during an unexpected tour of the Fed’s headquarters renovation site in Washington, D.C.

Tensions surfaced when Trump questioned the cost of the ongoing project. “It’s over \$3 billion,” he remarked—well above the \$2.5 billion estimated by the central bank. Powell, visibly caught off guard, quickly pushed back. “I’m not aware of that,” he responded.

Powell clarified that the figure Trump cited appeared to include expenses from a separate building that had already been refurbished and reopened in 2021.

“You just added in a third building is what that is,” Powell calmly corrected. “It was built five years ago.”

Presidential visits to the Fed’s headquarters are a rarity, making this appearance even more unusual. Powell’s involvement wasn’t announced in advance and was only made public by Trump himself via his social media platform.

Joining the tour were several top Republicans and administration officials, including Senators Tim Scott (South Carolina) and Thom Tillis (North Carolina), OMB Director Russell Vought, FHFA Director Bill Pulte, and White House aides James Blair and Will Scharf. Most donned white hard hats as they walked the site.

The moment added a fresh layer to the often-contentious relationship between Trump and Powell—one marked by years of disagreements over interest rates and the Fed’s independence.