President Donald Trump publicly criticized Federal Reserve chair Jerome Powell on Thursday regarding the cost of an ongoing building renovation, as the two toured the unfinished project.
Mr. Trump claimed the project’s cost was $3.1 billion, a figure higher than the Fed’s estimate of $2.5 billion. Mr. Powell, standing nearby, silently shook his head in disagreement.
“This came from us?” Mr. Powell asked, then realizing Mr. Trump’s figure included the renovation of the Martin Building completed five years prior.
“Do you expect any more additional cost overruns?” Mr. Trump inquired.
“Don’t expect them,” Mr. Powell replied.
Mr. Trump asserted that, in his experience as a real estate developer, he would have dismissed someone for such cost overruns.
The president then joked that he might ease off Mr. Powell if interest rates were lowered.
