United States President Donald Trump toured the renovation site of the Federal Reserve headquarters in Washington DC, which has caused ongoing tension.
The tension between Trump and Federal Reserve Chair Jerome Powell was apparent in an exchange about the cost of the renovation project.
Trump cited a figure above US$3 billion, which is higher than the US$2.5 billion in expected costs.
Powell corrected Trump, claiming that his figure included the cost of a third Fed building that was refurbished several years ago and reopened in 2021.
“You just added in a third building, is what that is,” Powell said.
“It was built five years ago.”
The rare visit comes as the Trump administration tries to mount pressure on the Fed to lower interest rates or convince Powell to stand down as chairman.
Previously, there were rumours surrounding Trump firing Powell, but these have since been dispelled as Trump said it was “highly unlikely” he would fire Powell in the near term.
The visit also comes as Treasury Secretary Scott Bessent called for a review of the overall function of the Federal Reserve.
