Former President Donald Trump publicly sparred with Federal Reserve Chair Jerome Powell on Thursday during a tense and awkward press
appearance
at the central bank’s Washington headquarters — a visit marked by budget confusion, pointed exchanges, and renewed criticism from Trump over cost overruns.
The visit, only the fourth ever by a sitting or former president and the first since FDR in 1937, was intended to spotlight ongoing renovations at the Fed. Instead, it turned into a spectacle.
Wearing hard hats and
standing
before reporters, Trump announced that the renovation budget had ballooned to “about $3.1 billion,” only for Powell to push back immediately.
“I haven’t heard that from anybody at the Fed,” Powell said, raising his eyebrows in surprise.
Trump, fumbling through papers pulled from his jacket pocket, insisted the figure “just came out,” with Senator Tim Scott backing him up. But Powell questioned whether Trump had mistakenly included the cost of the William McChesney Martin Building — a structure completed years ago.
“You just added in a third building,” Powell said bluntly.
Trump, undeterred, responded: “Well, it’s a building that’s being built.”
Powell corrected him again: “We finished Martin five years ago.”
“Well, we’re going to take a look,” Trump said, trying to regain control. “It’s got a long way to go.”
The back-and-forth added fuel to mounting scrutiny over the Fed’s renovation costs and Trump’s ongoing frustration with Powell. Trump has repeatedly pushed to fire Powell and has floated the idea that the escalating budget could be grounds for dismissal — though he recently acknowledged Powell’s term ends next May, suggesting he might wait it out.
The visit also drew attention due to renewed speculation about Trump’s health, following reports of a visible injury and recent misstatements, including a widely criticized radio gaffe involving the Epstein files.
White House Deputy
Chief of Staff James Blair and Budget Director Russell Vought are reportedly leading an internal review of the renovation project. Trump, who frequently touts his background in real estate, implied during the visit that a private-sector project manager would have been fired for such overruns.
Powell said the Fed has asked its inspector general to review the renovation process and published an explanation on its website outlining the reasons for the rising costs.
The rare presidential visit ended without a resolution — but with more questions than answers about the price tag, the friction between Trump and Powell, and the unusual dynamic playing out between the executive branch and the independent central bank.
