Fed chair tells Trump he has his facts wrong on central bank’s renovation costs

WASHINGTON AP President Donald Trump rattled off a number to shame Federal Reserve Chair Jerome Powell about the renovation costs of the Fed s headquarters and America s central banker dared to correct him Live on video The exchange occurred Thursday in the plywood-sheathed headquarters of the Fed that are still under construction Both men wore white hard hats and dark suits Trump spoke with utter certainty while Powell skeptically cocked his eyebrows Trump claimed the renovation project was over budget at a billion price tag while Powell pushed back and announced the president was including an extra building that had been renovated five years ago The Fed has maintained that renovation costs are billion an increase from billion It looks like it s about billion went up a little bit or a lot reported Trump Powell shook his head in disagreement I m not aware of that Mr President he responded It just came out revealed Trump pulling a folded piece of paper from his suit coat s pocket I haven t heard that from anybody at the Fed Powell mentioned It just came out Trump repeated After selected back and forth Powell put on his glasses stared at the numbers on the paper from Trump and questioned This came from us Yes Trump mentioned Are you including the Martin renovation Powell noted You just added in a third building is what that is That s a third building It s a building that s being built Trump mentioned No it was built five years ago Powell mentioned Trump ended his tour afterward by saying he demanded the renovation to be completed and Powell to aggressively cut benchmark interest rates The Fed chair has refrained from responding to Trump s taunts on social media saying the Fed can afford to be victim to monitor the impact of the president s tariffs on inflation The exchange followed months of criticism by Trump of Powell as being Too Late on rate cuts and an accompanying pressure campaign to get the central bank head to step down White House deputy chief of staff James Blair later revealed that Powell was splitting hairs on the renovation costs though in this circumstance it would be a million hair about a building that Trump thought was still under construction There s no way around it Blair mentioned The cost overrun is massive Source