Donald Trump and Fed boss Jerome Powell Zanken Zanken in front of the camera

During a visit to Donald Trump at the headquarters of the US Federal Reserve there was an open dispute between the President and Fed boss Jerome Powell. With regard to the renovation costs of the headquarters, Trump said on Thursday in front of ongoing cameras that these had increased. “So now became 3.1 (billion) from the $ 2.7 (billion dollars).” Powell shook his head and said that he was not aware of this. After Trump handed him a sheet of paper, Powell, the President incorrectly, said a third building that was not part of the renovation project. “It was built five years ago. We completed the Martin building five years ago.”

The dispute over the construction costs takes place against the background of speculation that Trump could try to dismiss Powell before the end of his term in May 2026. The Republican has been angry that the central bank does not reduce interest rates, contrary to its repeated claims. According to US law, however, the President cannot relieve the FED leader because of a dispute over interest policy. Any occasion is therefore a dispute over cost crossing in the renovation of the aging Fed headquarters in Washington. The US government accuses the central bank of mismanagement. According to the Fed’s latest budget, the costs for the renovation project amount to $ 2.46 billion.

Powell has granted costs overruns, but rejected allegations of luxurious equipment. The project does not include private elevators or VIP dining rooms and no new marble, unless the original marble is damaged or is needed to comply with the guidelines of the monument protection. In a letter to Trump’s budget director Russell Vought, he recently wrote: “We have made great care to ensure that the project was carefully monitored since it was approved by the Board of Directors for the first time in 2017.”

A possible dismissal of Powell was also an issue when it comes to Trump’s Fed visit on Thursday. “It would be a big step and I don’t think it is necessary,” said Trump. “And I think he’ll do the right thing.” Shortly before, the president had said that he had a productive conversation with Powell about the interest. The Fed’s open market committee responsible for interest policies has not touched the key set this year and left the range of 4.25 to 4.50 percent. A break will also be expected for the meeting on Wednesday next week. Powell has signaled that the central bank first wants to get an idea of the consequences of the customs policy initiated by Trump on inflation and economy.

During the tour of the FED headquarters, the real estate magnate Trump criticized the renovation work. He would not have renovated the basement as it happened, he said. In addition, he does not agree with the decision to create the parking spaces underground.