Key Facts
• On July 24, 2025, Donald Trump visited the Federal Reserve headquarters under renovation.
• Trump and Federal Reserve Chair Jerome Powell had a tense exchange during the visit.
• Trump criticized Powell for not lowering interest rates and threatened his removal.
• Trump cited renovation costs, claiming they reached $3.1 billion, while Powell corrected it to $2.5 billion.
• Trump presented a cost list, which included unrelated building projects, leading to further disputes.
• Powell clarified that one building mentioned was completed five years ago.
• Renovation costs rose from $1.9 billion to $2.5 billion due to safety upgrades, including blast-resistant windows.
• Trump later adopted a conciliatory tone, stating discussions on the economy were productive.
• Trump expressed hope that Powell would “do the right thing,” despite earlier tensions.
Summary
During a visit to the Federal Reserve headquarters on July 24, 2025, President Donald Trump and Chair Jerome Powell engaged in a heated exchange over renovation costs and interest rate policies. Trump criticized Powell for not lowering interest rates and threatened his removal, citing alleged cost overruns in the renovation project. Powell corrected Trump’s claim of $3.1 billion in costs to the actual $2.5 billion and pointed out inaccuracies in Trump’s cost list. Renovation costs had risen due to safety measures, including blast-resistant windows. Despite the tense interaction, Trump later described the discussions as productive and expressed hope for Powell’s future decisions.
