Reports indicate that on July 24th, Trump and Powell engaged in a face-to-face debate over the cost of the Fed’s headquarters renovation. Powell stated that President Trump’s view on the cost was incorrect. The two stood together with construction helmets, addressing the media. Trump claimed that the cost of the Fed’s renovation had jumped from $2.7 billion to $3.1 billion. Powell responded, “I have no idea about this.” Trump replied, “It’s just been announced.” Powell questioned Trump’s data source again, as it wasn’t from the Fed. Powell pointed out that the President seemed to have added the cost of another building onto the two currently under renovation. Trump mentioned he would fire a project manager who overspent. Powell, however, predicted that there wouldn’t be any more cost overruns, but the Fed has reserves and could handle it if needed.