Trump and Powell Clash Over Fed Renovation Costs

President Donald Trump and Federal Reserve Chairman Jerome Powell disagreed on the cost of renovations for the Fed's Washington headquarters. Trump claimed the costs had increased, while Powell disputed this, suggesting Trump had included unrelated expenses. Powell assured that no more overruns were anticipated.

In a face-to-face exchange, President Donald Trump and Federal Reserve Chairman Jerome Powell clashed over the cost of renovations at the Fed's headquarters in Washington.

Trump alleged the renovation expenses had surged from $2.7 billion to $3.1 billion, prompting Powell to deny any knowledge of such an increase. Powell further clarified that Trump seemed to have included the costs of a separate building, completed five years ago, in his calculations.

Despite the disagreement, Powell assured that future cost overruns were not expected, though the Federal Reserve had reserves to handle potential issues. Trump's stance was firm, suggesting such overruns would typically result in a project manager's dismissal.

(With inputs from agencies.)