Overview

• During a rare July 24 tour of the Federal Reserve headquarters, President Trump challenged Chair Powell over claimed renovation cost overruns, citing a $3.1 billion figure.
• Powell corrected Trump’s $3.1 billion claim by pointing out the inclusion of the Martin building and defended the project’s $2.5 billion budget as necessary for structural repairs and asbestos removal.
• He decided against firing Powell, calling removal a “big move” and declaring it “not necessary” despite earlier White House legal discussions about “for cause” dismissal.
• The Office of Management and Budget has launched an investigation into the renovation’s management and is weighing possible legal action under removal provisions.
• Trump renewed public calls for lower interest rates at the tour, underscoring the president’s ongoing pressure on the Fed ahead of its upcoming policy meeting.