Trump-Powell Clash over Fed Headquarters Costs

In a heated exchange, President Donald Trump and Federal Reserve Chair Jerome Powell debated the renovation costs of the Fed's headquarters. Trump claimed the costs were $3.1 billion, including a building renovated five years ago. Powell disputed this, affirming costs were $2.5 billion. The discussion ended with Trump pressing for interest rate cuts.

President Donald Trump and Federal Reserve Chair Jerome Powell were embroiled in a tense discussion regarding the budget overrun for the renovation of the Fed's headquarters, taking place in front of cameras.

During a tour of the under-construction premises, Trump confidently stated that costs had soared to $3.1 billion, including an additional structure. Powell countered this, clarifying that the figures Trump mentioned accounted for a building renovated five years prior, asserting the current costs were $2.5 billion, up from $1.9 billion.

Despite Powell's attempts to correct him, Trump maintained his stance, seeking accelerated renovation completion and a reduction in interest rates. Meanwhile, White House deputy chief of staff James Blair called Powell's figures 'hair-splitting,' albeit worth $600 million.

(With inputs from agencies.)