Tensions continued to rise between President Trump and Federal Reserve Chair Jerome Powell on Thursday and their latest disagreement happened in front of the public on live TV.
The president and Federal Reserve chair gave select press a tour of the renovations being done at the Federal Reserve building. It was during an interview that Trump revealed the cost of the work “went up a little bit, or a lot” from $2.7 billion to $3.1 billion. Powell is seen shaking his head and caught unaware.
“I’m not aware of that Mr. President,” Powell said. “I haven’t heard that from anybody at the Fed.”
Trump pulls a paper from his jacket, muttering “it just came out” before handing it over to Powell.
“You’re including the Martin renovation,” Powell responded. “You just added a third building.”
“Well I know, but it’s a building that’s being built,” Trump said.
“No, it was built five years ago,” Powell fired back. “We finished Martin five years ago.”
“It’s part of the overall work,” Trump finished.
The two have been coming to blows for some time now. Just last week Trump wondered how Powell was ever appointed, let alone extended as chairman. What the president seemed to forget was that it was he who initially appointed Powell in 2017 during his first term. Much of the president’s dislike toward Powell stems from him wanting lower interest rates which central bankers have been resisting as Trump’s tariffs continue to threaten a volatile economy.
“It was a Great Honor to tour the Renovation (and some new Construction!) of the Federal Reserve Building with Chairman Jerome Powell, Senator Tim Scott, and others,” Trump posted to Truth Social after the tour. “It’s got a long way to go, would have been much better if it were never started, but it is what it is and, hopefully, it will be finished ASAP.”
He added: “Let’s just get it finished and, even more importantly, LOWER INTEREST RATES!”
