Washington, D.C., July 25, 2025 – The Europe Today: U.S. President Donald Trump visited the Federal Reserve on Thursday to inspect the ongoing renovation of the central bank’s buildings in Washington, D.C., amid rising tensions over the project’s cost and broader economic policy disagreements.
The visit, which included Federal Reserve Chair Jerome Powell and Senator Tim Scott, Chairman of the Senate Banking Committee, drew media attention as President Trump publicly disagreed with Powell over the final cost of the renovations.
Originally estimated at $1.9 billion, the cost of the project has reportedly risen to $2.5 billion in recent years. However, during the visit, President Trump waved a document and claimed the costs had escalated further. “So we’re taking a look, and it looks like it’s about $3.1 billion,” he stated. “Went up a little bit — or a lot.”
Fed Chair Powell immediately countered the assertion, responding, “I haven’t heard that from anybody at the Fed.” After reviewing the document, Powell clarified that the figures Trump referred to included a separate building completed five years ago, not part of the current renovation project.
The exchange highlighted the ongoing friction between the White House and the Federal Reserve, particularly as President Trump has repeatedly pressured the central bank to lower interest rates more aggressively.
Despite the tense moment, President Trump struck a more conciliatory tone later in the visit. “I don’t want to be personal. I just would like to see it get finished,” he said, referring to the long-running construction effort. “And in many ways, it’s too bad it started, but it did start. And it’s been under construction for a long time.”
When pressed about his recent criticisms of Powell, Trump replied lightly, “Well, I’d love him to lower interest rates, but other than that, what can I tell you?” The Fed Chair responded with a smile.
The exchange underscores the growing political scrutiny over the Federal Reserve’s spending and interest rate policy ahead of the 2026 election cycle, as President Trump continues to signal a more hands-on approach toward economic oversight.
