President Trump and Federal Reserve Chair Jerome Powell clashed publicly over the ballooning costs of the Fed's headquarters renovation during a rare presidential visit to the central bank Thursday, even as Trump backed away from earlier hints he may fire Powell, CNBC reports. Trump claimed the construction expenses had surpassed $3.1 billion, while Powell pushed back, saying that figure included a separate, already completed government building. CNBC refers to the back-and-forth as "stunning," while the New York Times calls it "remarkable," noting Powell made the rare move of challenging the president and standing his ground as cameras rolled.
The two, both donning hard hats, toured the construction site in Washington. Despite previously floating the possibility of firing Powell, Trump appeared to scale back those threats, telling reporters, "To do that is a big move, and I just don't think it's necessary." Trump indicated he was hopeful Powell would "do the right thing," alluding again to his desire for lower interest rates. He said it was "highly unlikely" he'd fire him, "unless he has to leave for fraud." The president's visit—which included Republican Sens. Tim Scott and Thom Tillis, as well as officials like Federal Housing Finance Agency Director Bill Pulte, an outspoken Powell critic—was widely seen as another attempt to lean on the Fed for rate cuts. It was only the fourth time a sitting president has visited the Fed since the 1930s.
Trump has repeatedly urged Powell to slash the key benchmark rate, arguing it would save the government billions in interest costs. The central bank, however, has kept rates steady since late 2024, despite trimming them earlier that year. Trump, who originally nominated Powell in 2017, has lately dubbed him "Too Late" and questioned his leadership. While some in Trump's orbit continue to call for Powell's resignation, legal precedent still shields the Fed chair from direct presidential removal.
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