President Donald Trump and Federal Reserve Chairman Jerome Powell sparred face to face Thursday (July 24) over the cost of renovations of the central bank’s Washington headquarters, with the Fed leader saying the president was wrong about the cost of the overhaul.

Trump, standing shoulder to shoulder with Powell as both wore construction helmets, said Fed renovation costs had jumped from $2.7 billion to $3.1 billion, causing the Fed chief to say “I’m not aware of that.”

Powell then noted that it appeared that the president had included in the current cost of fixing up two buildings what it cost to overhaul another central bank office. “You just added in a third building” that “was built five years ago. We finished Martin five years ago,” the Fed leader said.

The tense exchange comes amid administration criticisms of Powell's stewardship of the independent agency and its decisions not to cut interest rates this year as demanded by Trump.

DESCRIPCIÓN DE IMÁGENES

WASHINGTON, D.C., UNITED STATES (JULY 24, 2025) (UNRESTRICTED POOL - Access all)

1. U.S. PRESIDENT DONALD TRUMP AND FEDERAL RESERVE CHAIR JEROME POWELL WALKING AROUND CONSTRUCTION

2. WHITE FLASH

3. (SOUNDBITE) (English) U.S. PRESIDENT DONALD TRUMP IN EXCHANGE WITH FEDERAL RESERVE CHAIR, JEROME POWELL, SAYING:

TRUMP: “So we're taking a look. And it looks like it's about 3.1 billion. Went up a little bit, or a lot. So the 2.7 is now 3.1.” / POWELL SHAKING HEAD

POWELL: “I’m not aware of that.”

TRUMP: “Yeah, it just came out.” / TRUMP TAKING A SHEET OF PAPER OUT OF HIS JACKET

POWELL: “Yeah, I. I haven't heard that from anybody at the Fed.”

TRUMP: “It just came out.” / TRUMP HANDING PAPER TO POWELL

POWELL: “This came from us?”

TRUMP: “Yes. I don't know who does that.”

POWELL: “You’re including the Martin renovation. You just added in a third building, is what that is. That's a third building.”

TRUMP: “It's a building that's being built.”

POWELL: “No, no, it was built five years ago. We finished Martin five years ago.”

TRUMP: “It is part of the overall work.”

POWELL: “But it’s not new.”

TRUMP: “So, we're going to take a look. We're going to see what's happening. And it's got a long way. Do you expect any more additional cost overruns?”

POWELL: “Don't expect them. We're ready for them.”

4. WHITE FLASH

5. TRUMP AND POWELL WALKING AWAY