In a bizarre and tense exchange on Thursday, President Donald Trump publicly confronted Federal Reserve Chairman Jerome Powell during a press event following a tour of the central bank’s ongoing headquarters renovation in Washington, D.C.
The two appeared before the press corps wearing hard hats after completing their walkthrough. The atmosphere initially appeared routine until Trump unexpectedly produced a document from his suit jacket and announced, “We’re taking a look, and it looks like it’s about $3.1 billion,” referring to the estimated cost of the renovation project.
Powell looked visibly startled by the figure and responded, “I’m not aware of that,” as cameras captured his reaction in real time. Trump, undeterred, handed Powell the estimate and added, “It just came out,” while unfolding the paper in front of the cameras.
Senator Tim Scott (R-SC), who had accompanied Trump and Powell during the tour, later confirmed that Trump’s estimate matched what he had seen.
The exchange quickly escalated when Trump suggested the budget figure included a “third building” that was supposedly still under construction. Powell immediately pushed back. “You just added in a third building, is what that is,” he said.
Trump quipped back, “It’s a building that’s being built,” to which Powell raised his hand and retorted, “It was built five years ago.”
Trump didn’t back down. “It’s part of the overall work,” he said, before pressing Powell again. “Do you expect any more additional cost overruns?”
Powell defended his handling of the renovation, saying, “Don’t expect ’em. We’re ready for them,” citing a reserve fund allocated for contingencies.
The moment added to the long-running tensions between the two men, dating back to Trump’s presidency, when he frequently criticized Powell’s monetary policy. Earlier this month, White House Press Secretary Karoline Leavitt revealed a handwritten note Trump had recently sent to Powell, expressing frustration over interest rate decisions.
“Jerome, you are as usual ‘too late.’ You have cost the U.S. a fortune and continue to do so,” the note read. “You should lower the rate by a lot. Hundreds of billions of dollars are being lost, and there is no inflation.”
While Powell technically operates independently from the executive branch, Thursday’s encounter was a reminder of Trump’s ability to put pressure on federal officials in highly public and often theatrical ways. The interaction drew comparisons to Trump’s blunt exchange with Ukrainian President Volodymyr Zelenskyy in the Oval Office during his time in office.
The Federal Reserve has not issued an official response to the incident.
Nobody should have as much power in the U.S.A. as the FEDERAL RESERVE AND ITS MEMBERS HAVE!…even the President does not wield that kind of power over us citizens!!!!!!