Trump, Powell Disagree Over Fed Renovation Costs in Construction Site Visit

Federal Reserve Chair Jerome Powell disputed President Donald Trump’s cost estimate of renovations at the central bank’s Washington headquarters. Trump and Powell briefly addressed reporters during a July 24 tour of the construction site, which has been a source of controversy over the project’s cost overruns. When the renovation project was first approved in 2017, the original budget was $1.9 billion. It has since increased to $2.5 billion because of inflation, asbestos and soil contamination, and extended timelines. The president stated during the tour that the price tag has increased by an additional $600 million. “It looks like it’s about $3.1 billion. Went up a little bit, or a lot,” Trump said....