Trump visits Fed to pressure Jerome Powell on interest rates, cost overruns on new building

On Thursday, President Donald Trump ramped up pressure on Jerome Powell for the cost of renovations at the Federal Reserve, and said that the cost of $2.7 billion has increased to $3.1 in front of reporters. 

Trump was with Senator Tim Scott (R-SC) who said that there had been "overruns" in the expenses with the renovations as they met with Powell in front of reporters. Trump then said that the "$2.7 is now $3.1 [billion]. It went up a little bit, or a lot."

Powell then closed his eyes and shook his head in response, and added, "I'm not aware of that." 

Trump responded, saying, "It just came out," and then handed a sheet of paper detailing the cost of the project to Powell. After reading it over, Powell said that the increase in costs were associated with the Martin building, and that Trump "just added in a third building" to the cost sheet. 

"We finished Martin five years ago" Powell said. 

Trump went onto say that it was part of the overall project then added, "So we're gonna take a look," and then asked Powell, "Do you expect any more cost overruns?" Powell said that they are not expected, but that they are ready for them and will be finished in 2027. 

The interaction drew attention online, with some calling the interaction between the two a "wild moment" as they argued over the cost of the renovations. 

Additionally, Trump was asked by reporters what he would do as a real estate developer if a project manager went overbudget. Trump responded that he would "fire him."

Trump was also asked about if there was anything Powell could say that would get Trump to back off earlier criticisms of Powell. The president responded, "Well I'd love him to lower interest rates," and then patted Powell on the back.  

Trump has been ramping up pressure on Powell for months now to lower interest rates at the Federal Reserve.