Federal Reserve Chair Jerome Powell fact-checked President Donald Trump in real time during a tour of the Fed’s under-renovation headquarters. Trump claimed the cost of the project had ballooned to $3.1 billion - a figure Powell swiftly challenged, pointing out that the president was mistakenly including a separate building completed years ago.
The tense exchange played out inside the under-renovation Marriner S. Eccles building , where Trump repeatedly insisted the renovation had jumped from $2.7 billion to $3.1 billion. Powell responded, “I'm not aware of that,” and eventually pointed out that Trump was including the Martin Building, a neighbouring site whose renovations had already been completed five years ago.
Trump pulled out a folded sheet of paper from his pocket and insisted the figure “just came out,” despite Powell stating no one at the Fed had mentioned such a number.
“It was built five years ago,” Powell said flatly, to which Trump responded, “It’s a building that’s being built.” Powell shook his head in disagreement: “I’m not aware of that, Mr President.”
After several rounds of back-and-forth, Powell scrutinised the document and asked: “This came from us?” When Trump confirmed, Powell repeated: “You just added in a third building. That’s a third building.”
The renovation of the Federal Reserve's headquarters has become the latest flashpoint in the president's ongoing campaign to undermine Powell, whom he has long criticised for not cutting interest rates aggressively enough. The Fed says the current cost estimate is $2.5 billion, up from an original $1.9 billion. According to officials, much of the increase is due to rising construction costs, tariffs, and the requirements of historic preservation and advanced security measures.
White House deputy chief of staff James Blair later downplayed Powell’s correction, calling it a case of “splitting hairs” over a $600 million difference. “The cost overrun is massive,” he said.
Trump, frustrated, remarked that in his real estate career he would have fired someone over such a budget increase. He also joked that Powell could earn his favour by slashing interest rates, a move Powell has resisted, saying the Fed would remain patient in monitoring inflation and the impact of tariffs.
Trump’s visit to the Fed's headquarters – including a rare press tour of the construction site – was seen as part of a broader effort to exert pressure on Powell, with Trump and some allies hinting at removing him before his term ends in 2026. While Trump recently said he had no immediate plans to fire Powell, he also remarked, “I think it sort of is” grounds for removal, citing the renovation’s cost.
Despite the president’s public criticism, not everyone in the administration agrees Powell should go. Treasury Secretary Scott Bessent told Fox Business, “There’s nothing that tells me that he should step down right now. He’s been a good public servant.”
The tense exchange played out inside the under-renovation Marriner S. Eccles building , where Trump repeatedly insisted the renovation had jumped from $2.7 billion to $3.1 billion. Powell responded, “I'm not aware of that,” and eventually pointed out that Trump was including the Martin Building, a neighbouring site whose renovations had already been completed five years ago.
Wow. Federal Reserve Chair Jerome Powell just fact checked Trump directly to his face on live TV.
— No Lie with Brian Tyler Cohen (@NoLieWithBTC) July 24, 2025
Trump: “It’s a building that’s being built.”
Powell: “That was built 5 years ago.” pic.twitter.com/ddKsuC1pID
Trump pulled out a folded sheet of paper from his pocket and insisted the figure “just came out,” despite Powell stating no one at the Fed had mentioned such a number.
“It was built five years ago,” Powell said flatly, to which Trump responded, “It’s a building that’s being built.” Powell shook his head in disagreement: “I’m not aware of that, Mr President.”
After several rounds of back-and-forth, Powell scrutinised the document and asked: “This came from us?” When Trump confirmed, Powell repeated: “You just added in a third building. That’s a third building.”
The renovation of the Federal Reserve's headquarters has become the latest flashpoint in the president's ongoing campaign to undermine Powell, whom he has long criticised for not cutting interest rates aggressively enough. The Fed says the current cost estimate is $2.5 billion, up from an original $1.9 billion. According to officials, much of the increase is due to rising construction costs, tariffs, and the requirements of historic preservation and advanced security measures.
White House deputy chief of staff James Blair later downplayed Powell’s correction, calling it a case of “splitting hairs” over a $600 million difference. “The cost overrun is massive,” he said.
Trump, frustrated, remarked that in his real estate career he would have fired someone over such a budget increase. He also joked that Powell could earn his favour by slashing interest rates, a move Powell has resisted, saying the Fed would remain patient in monitoring inflation and the impact of tariffs.
Trump’s visit to the Fed's headquarters – including a rare press tour of the construction site – was seen as part of a broader effort to exert pressure on Powell, with Trump and some allies hinting at removing him before his term ends in 2026. While Trump recently said he had no immediate plans to fire Powell, he also remarked, “I think it sort of is” grounds for removal, citing the renovation’s cost.
Despite the president’s public criticism, not everyone in the administration agrees Powell should go. Treasury Secretary Scott Bessent told Fox Business, “There’s nothing that tells me that he should step down right now. He’s been a good public servant.”
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