President Donald Trump and Fed Chairman Jerome Powell walked back and forth in front of the media on Thursday as Trump’s claims about cost overruns at the Fed’s headquarters in Washington.
The amazing side-by-side happens as Trump begins visiting the Fed, the latest chapter in his stress campaign to get Powell to lower interest rates or resign as chairman of the Central Bank.
But Trump also advised him to give up any consideration for firing Powell, despite floating earlier this month an unprecedented and legally competitive idea.
“It's a big move, and I just think it's unnecessary,” Trump told reporters at a separate news gathering after a brief spit with Powell.
He added: “I believe he will do the right thing.”
The president’s visit to the Fed’s construction site Thursday afternoon was due to his administration’s recent expensive renovation of two historic central bank buildings in DC.
Shortly after arriving, both Trump and Powell were visiting the site together in white hats.
They contacted journalists there, and Trump asserted that the construction costs of two historic Fed buildings ongoing were more than $3.1 billion.
Powell replied: “I haven't heard of anyone yet.”
He said Trump is increasing the costs of the third government building that was built “five years ago.”
Trump replied: “So we're going to see. We're going to see what's going on, and that's still a long way to go.”
When a reporter asked Powell if he could say anything that made Trump shrunk his criticism, the president said: “Well, I hope he lowers interest rates.”
Trump said before arriving that Powell, numerous administration officials and two Republican senators will join him.
U.S. President Donald Trump and Fed Chairman Jerome Powell visited the Fed's $2.5 billion headquarters renovation project on July 24, 2025 in Washington, DC.
chip somodevilla | Getty Images
“There will also be present in the appointments of Chairman Jerome Powell, Sen. Tim Scott, Sen. Thom Tillis, OMB Director Russ Vourch, Fannie Mae and Freddie Mac, Freddie Mac, Bill Pulte, my National Capital Planning Commission, James Blair and Will Scharf and various other construction professionals,” Trump wrote in a Truth Society post.
Pulte, who runs federal housing finance institutions, is one of Powell's toughest critics and has been one of the most voiced advocates of the Trump administration, calling on him to replace him.
“Jerome Powell must resign,” Poulter wrote on X earlier Thursday.
Trump asked Powell to immediately lower the benchmark interest rate while accusing him of incompetence and political bias – although Trump initially nominated Powell for the position in 2017.
Powell has remained stable so far this year, angering Trump, who claims cutting interest rates will save hundreds of billions of dollars in interest costs in the United States. Interest payments on U.S. debt exceeded $1.1 trillion in 2024.
Trump has previously said he is considering firing Powell, who will expire in May next year. However, he has recently backed down on these threats.
It is unclear whether the president has the right to fire the Fed chairman. The Supreme Court recently stated in a ruling that the independence of central banks is protected by legal precedents.
But Trump and his administration have been under pressure, recently targeting cost overruns related to years of multi-billion dollar renovations in two historic buildings in Washington, D.C.
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Earlier this month, VEUDGE noted that Powell “seriously damaged the Fed” when he questioned the “exaggerated” construction project.
Treasury Secretary Scott Bessent, who is considered a contender to succeed Powell, said on CNBC on Monday that the Powell-led Fed needs a full review.
The current president rarely appears in the Federal Reserve: Trump only has Franklin D since 1937.
Moreover, there was no advance appearance as the president publicly urged changes in monetary policy or threatened to investigate the actions of the Fed chairman.
The visit also came as a result of Trump’s search for a distraction from the administration’s handling of undisclosed archives related to late sex offender Jeffrey Epstein.
This is developing news. Please check it for updates.