On July 24, 2025, President Donald Trump and Federal Reserve Chair Jerome Powell anticipated the completion of the renovations during a tour of the Fed’s special projects. The air at the event crackled with uncomfortable silence and incisive wit. This unorthodox meeting developed in plain view of the assembled press. Both leaders donned hard hats as they eagerly showcased the new, upgraded improvements.
Even before the tour, Trump went out on a limb to attack Powell. In fact, he even called him a “numbskull.” Despite their differences, Trump confirmed that he currently has no intention of firing Powell, stating that such a decision “is a big move and I just don’t think it’s necessary.” The event set a dramatic stage as tensions rose between the President and the Fed chair, even as the two came together to discuss economic policy going forward.
The Renovation Tour
The extraordinary tour highlighted one of our state’s most recent and best renovations. Powell noted that the third building was built five years earlier. Trump took this opportunity to comment on the financial implications of these renovations, claiming, “We’re taking a look, it looks like it’s about $3.1 billion — it went up a little bit, or a lot.” His comments appeared to highlight worries about the price tag for the updated renovations.
While meant to reassure about the budget increase Trump just announced, Powell instead seized the moment to correct the record on the new building. “You just added in a third building… it was built five years ago,” he pointed out. The launch event exchange was a true reflection of this underlying tension as both leaders entered into their opposing views on the project.
Speculations About Powell’s Future
Before the tour, White House staff had hinted that the expensive renovations themselves might provide justification to fire Powell. During their joint appearance, Trump put all such speculations to rest. He stated unequivocally that he will not terminate Powell’s position, suggesting that he values continuity at the Federal Reserve despite any disagreements.
Later in the discussion, Trump gave Powell a printout that he said had just been released. This culminating moment only increased the surreal nature of a truly wild, yet enriching tour. The exchange revealed the tenuous balance of their famously fraught partnership, marked by public spats and behind-the-scenes deal-making.
