Trump says ‘no tension’ with Powell during visit to Federal Reserve

President Trump on Thursday said there was “no tension” with Federal Reserve Chair Jerome Powell during a visit to the central bank’s headquarters when asked about the energy of their meeting.

“There was no tension. I think he had more tension with my great senator to the right. He’s a pretty tough cookie,” Trump added, motioning to Sen. Tim Scott (R-S.C.), who chairs the Senate Banking Committee and sits on the Finance Committee.

“The bottom line is we had an honest, candid conversation about some of the overruns at this building,” Scott said.

The senator lamented that the focus was on cost overruns instead of talk about lowering interest rates or the state of the economy, though it has been Trump administration officials who have ramped up the attention on the renovations at the Fed.

The tour of the Fed on Thursday was intended to highlight the cost of a $2.5 billion renovation of the central bank’s headquarters.

White House deputy chief of staff James Blair and White House budget chief Russell Vought have questioned the cost of the renovation and whether Powell misled lawmakers about the nature of the upgrades.

Trump earlier this month suggested the cost overruns could be a fireable offense for Powell. He has since backed off and indicated he does not intend to fire the chair before his term expires next May.

“I don’t think we’re going to do that,” Trump said when asked if he would fire Powell if he does not lower interest rates.

Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

For the latest news, weather, sports, and streaming video, head to The Hill.