Overview

• Thursday’s tour marked the first presidential visit to Federal Reserve headquarters since 2006, underscoring heightened White House scrutiny of the central bank.
• Trump claimed the Fed’s renovation costs had swollen to about $3.1 billion, a figure Powell refuted as including a separate building completed five years ago.
• The project’s budget grew from $1.9 billion in 2021 to $2.5 billion due to tariffs, inflation, security upgrades and asbestos removal, with completion slated for fall 2027.
• Standing side by side in hard hats, Trump publicly urged Powell to lower interest rates, reiterating his belief that cuts would benefit the economy.
• Although officials continue overseeing the renovation’s overruns as potential cause for removal, Trump said he did not intend to fire Powell, in line with legal limits on dismissal.