Fed chair tells Trump he has his facts wrong on central bank’s renovation costs

Federal Reserve Chair Jerome Powell corrected President Donald Trump on the renovation costs of the Fed's headquarters during a video call. Trump claimed the project was over budget at $3.1 billion, but Powell stated that this figure incorrectly included a building renovated five years prior. The Fed's official renovation cost is $2.5 billion, an increase from $1.9 billion. Trump insisted the $3.1 billion figure was accurate and came from the Fed, presenting a paper with the numbers. Powell, after reviewing the paper, identified the discrepancy, explaining that the additional cost was for a previously completed renovation. Trump also urged Powell to cut benchmark interest rates aggressively. This exchange occurred amidst Trump's ongoing criticism of Powell's monetary policy and pressure for him to resign. A White House official later suggested Powell was splitting hairs over the cost difference, emphasizing the significant overrun.