Trump’s Hard-Hat Showdown at the Fed Falls Flat

President Trump showed up at the Federal Reserve on Thursday, hard hat in hand, aiming to grill Chair Jerome Powell about the ballooning cost of the central bank’s headquarters renovation. Instead, he got a polite fact-check—and a few stiff silences.

This rare presidential visit to the Fed was part theater, part pressure campaign. Trump has been publicly fuming for weeks over the Fed’s refusal to slash interest rates, and he used the ongoing $2.5 billion renovation of the Fed’s DC buildings as a new wedge issue.

He told reporters the price tag had jumped to $3.1 billion, a number Powell quickly disputed in real time.

“I haven’t heard that from anybody at the Fed,” Powell said, giving Trump a skeptical glance.

Trump pulled out a sheet of paper like a developer revealing blueprints, insisting the number came from the Fed itself. Powell, after glancing at the document, calmly noted that the larger figure included costs from a separate, already completed project.

In true Trump fashion, he told reporters that if this were one of his real estate projects, he’d fire the manager.

“I’d fire him,” Trump said bluntly, referring to the unnamed manager responsible for the renovation.

But when asked directly whether Powell’s job was at risk, Trump backed off—for now.

“I don’t want to get personal. I just want to see [the project] get finished,” he said.

Powell, who’s faced months of political pressure from the president to lower rates ahead of the 2025 election, stood composed beside Trump and Senator Tim Scott, who joined the tour and backed Trump’s cost critique.

While the renovation drama made headlines, the underlying tension is all about interest rates. Trump wants them down—fast. Powell, so far, isn’t budging.

The Fed is expected to hold steady on rates at its next meeting, and economists say Trump’s showy visit might actually stiffen the Fed’s resolve. The central bank prides itself on independence—and doesn’t love being publicly cornered.

Trump used the visit to label the Fed’s renovation as “luxurious.” But Fed officials say the upgrades are necessary, citing asbestos, lead paint, and outdated infrastructure.

The Fed put out a gracious statement, thanking the president for the visit and promising to finish the project efficiently.

Fox Business, the New York Times, Bloomberg contributed to this report.