During a historic visit to the Federal Reserve, Donald Trump challenged the cost of the ongoing renovations, alleging it has risen to $3.1 billion, while Fed Chair Jerome Powell disagreed. Trump also dismissed concerns about inflation, claiming no inflation exists despite a 2.7% annual rate in June. The renovation, which has not been updated since the 1930s, includes critical safety updates but has seen costs rise due to increasing raw material prices and labor costs. Powell's acknowledgment of the project contrasts sharply with Trump's claims.
Trump stated during his visit that the Federal Reserve renovation costs have increased to $3.1 billion, an assertion that Fed Chair Jerome Powell disputed.
He emphasized that the renovation involves essential safety updates and cited significant increases in raw materials and labor costs as contributing factors.
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