Face to Face, Powell Told Trump He Was Wrong About Federal Reserve Renovations

Man, what a scene! Jerome Powell let it rip in the Oval Office to President Trump’s face on the Fed renovations. And the headlines flew. Here at JV News Nation, your spot for trump news today, I’m Senior Editor JV Charles, dishing the latest on this Trump Powell showdown at the Federal Reserve building in D.C. Let’s dive into what happened, why it’s got everyone talking, and what’s next in this crazy drama.

Key Takeaways

• Jerome Powell shut down Trump’s claim that Federal Reserve renovations cost $3.1 billion during a July 24, 2025, tour, sticking with the $2.5 billion budget.

• The renovations are about fixing old buildings and clearing asbestos, not adding fancy stuff like Trump said.

• Trump keeps pushing Powell to cut interest rates, stirring talk about the Federal Reserve’s freedom.

• A Jerome Powell speech today backed the project, with the Fed’s next rate call set for July 30, 2025.

The Big Showdown: Trump vs. Powell

What Went Down at the Federal Reserve Tour?

On July 24, 2025, President Trump popped into the Federal Reserve building in D.C. to check out its Federal Reserve renovations. He threw out a big number, saying the project’s cost had jumped to $3.1 billion from $2.5 billion. Jerome Powell, standing right there, wasn’t having it. He shook his head and said, “That ain’t right,” pointing out that Trump mixed in a separate Martin Building project from years ago. This bold move, caught by APNews, got folks buzzing about Powell’s nerve.

Why is everyone so bent out of shape about the Federal Reserve renovations?

The Federal Reserve renovations, kicked off in 2017, are fixing up the old Marriner S. Eccles Building and the 1951 Constitution Avenue Building. The budget went from $1.88 billion to $2.5 billion because of stuff like asbestos cleanup, higher material costs, and better security. Trump and his buddy OMB Director Russell Vought called it a “waste,” pointing at supposed fancy things like marble floors. Powell pushed back today in a Jerome Powell speech. “There are no special restaurants. There are no luxury elevators. It’s about maintenance and safety.”

Trump’s Beef with Powell: It’s Personal

Trump’s Been Coming for Powell Forever

Trump has been throwing shade at Jerome Powell for years, calling him names and complaining about high interest rates. During the tour, Trump said, “I’d love him to cut rates,” right next to Powell. The Fed is maintaining rates at 4.25%-4.50% and “waiting for more clarity on how Mr. Trump’s tariffs may affect prices.” This Federal Reserve renovations fight feels like another swing in Trump’s plan to pressure Powell, maybe even to push him out before his term ends in May 2026.

Did Powell Risk Too Much Calling Out Trump?

Jerome Powell live moments like this are rare—Fed chairs usually keep it low-key to protect the Federal Reserve’s independence. By calling Trump out on camera, Powell showed some serious guts, but it might stir up more trouble. On X, folks are split: some cheer Powell’s boldness, while others, like @EricLDaugh, back Trump, calling the $2.5 billion project a “huge waste.”

The Fed Fights Back

Powell Stands Up for the Renovations

In a letter to Russell Vought, Jerome Powell stood up for the Federal Reserve renovations, saying the Fed’s board and watchdog keep things in line. He said costs went up because old buildings need big fixes, not some fancy redo. The Fed’s website now has a page clearing up rumors about rooftop gardens or VIP perks, even noting they ditched water features to save money. Powell made it clear: this is about keeping the place safe, not splurging.

Trump’s Team Helped Jack Up Costs

Here’s the twist: APNews says Trump’s own picks on the National Capital Planning Commission (NCPC) pushed for more marble in the Federal Reserve building back in 2020 to keep its old-school look. Choices Trump’s team supported. They increased the price, which is insane because he’s now criticizing Powell for it.

What’s Next for Trump, Powell, and the Fed?

Big Rate Call Coming Up

The Federal Reserve is meeting on July 30, 2025, to talk interest rates, and most think they’ll stay put. Jerome Powell live updates from this meeting will be a big deal, with Trump still leaning on him. While Trump says firing Powell is “not likely” without proof of something shady, the Trump Powell drama ain’t going anywhere.

Why This Matters for Fed Freedom

The Trump Powell fight isn’t just about buildings—it’s about who runs America’s money. Experts like Todd Belt from George Washington University told Newsweek that kicking out Powell could “really shake things up in a bad way.” The Federal Reserve renovations mess, hyped by trump news today, shows the tightrope between politics and the Fed’s freedom to do its job.

Why You Should Care

This Federal Reserve building drama isn’t just about construction—it’s about who’s steering the economy that hits your wallet. Trump’s push for lower rates could make loans cheaper but might drive up prices, while Powell’s playing it safe to keep things steady. At JV News Nation, we’re here to give you the straight-up truth on federal reserve jerome powell and what it means for your money.

FAQs

When did Jerome Powell call out Trump on Federal Reserve renovations?

Jerome Powell corrected Trump during a July 24, 2025, tour of the Federal Reserve building, shooting down a $3.1 billion cost claim.

What’s the deal with the Federal Reserve renovations?

The Federal Reserve renovations are fixing up the Marriner S. Eccles and 1951 Constitution Avenue buildings, costing $2.5 billion for safety and basic upgrades.

Why’s Trump going after Jerome Powell?

Trump slams Powell for not cutting interest rates and says he’s messing up the Federal Reserve renovations.

How did Powell handle the cost complaints?

Powell: No ‘Magic Tricks’ – Expenses Rise Due to Asbestos Removal, Materials Costs

Is Trump planning to fire Jerome Powell?

Trump said firing Powell is “not likely” without proof of something fishy, but he’s still pushing him on rates and renovations.

References

• AP News: Trump and Fed Chair Powell bicker over cost of building renovations

• AP News: Trump appointees pushed more marble in Fed building renovation

• The New York Times: Powell Fact-Checks Trump on Cost