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In a rare and highly charged moment, President Donald Trump confronted Federal Reserve Chair Jerome Powell over the cost of the central bank’s headquarters renovation during a surprise visit to the under-construction site on Thursday. The encounter, captured on camera, was the first presidential visit to the Federal Reserve in 20 years. Both Trump and Powell appeared wearing hard hats amid steel frames and scaffolding, setting the stage for a tense back-and-forth.

Trump Vs Powell: High Stakes & Heated Words

Trump questioned the price tag, suggesting the project could cost “about $3.1 billion.” Powell swiftly countered, saying, “I haven’t heard that from anyone at the Fed,” and reaffirmed that the renovation remains within the official $2.5 billion budget, as per a report on BBC.

The Federal Reserve has defended the rising costs, which have climbed from $1.88 billion in 2019 to $2.45 billion as of its latest update. Officials say the increase is being balanced by cost-cutting in other infrastructure projects, reported NDTV.

President Trump confronts Jerome Powell at the Federal Reserve. I like this approach. I can think of a few others in government who need to be confronted to their faces just like this! pic.twitter.com/NmoLu9VXJS

— Suburban Black Man 🇺🇸 (@niceblackdude) July 24, 2025

The visit comes just days before the Fed’s upcoming policy meeting, where officials are expected to keep interest rates unchanged. Trump has ramped up his public criticism of Powell in recent months, repeatedly urging the Fed to lower rates. Though he has floated the idea of replacing Powell, Trump has stopped short of acting on the threat, which legal experts warn could ignite constitutional challenges and market turmoil.

In 2017, Jerome Powell was first appointed as Chair of the Federal Reserve by President Donald Trump during Trump’s first term. He was later renominated by President Joe Biden, and his current term is set to end in May 2026.