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President Donald Trump confronted Federal Reserve Chairman Jerome Powell in a rare visit to the central bank's headquarters as it's been undergoing a costly renovation.Standing in the middle of the construction project, Trump charged that the renovation would cost $3.1 billion, much higher than the Fed's $2.5 billion figure and the original $1.9 billion estimate. While looking at a paper presented to him by the president, the fed chair said the president was including the cost of renovating a separate Fed building that was finished five years ago.Trump's Office of Management and Budget Director Russ Vought sent a letter to Powell saying the president is “extremely troubled” that the renovation may have violated government building rules.The president put two close aides on a commission to review the Federal Reserve building plans.It all comes as Trump has been pressuring Powell for months to lower interest rates, urging him to resign and calling him a "numbskull." On the tour, Trump joked he would back off Powell if he lowered rates, but Powell maintained that the central bank is holding rates steady to see how tariffs impact inflation. It's been an extraordinary attempt to reshape the central bank, which has traditionally decided U.S. monetary policy without a political leaning.Although Trump appointed Powell in 2018, legally, he cannot remove him without "cause." Economists warn that removing a Fed chair could shake financial markets and create instability in the U.S. economy.During the tour, Trump said during his career as a real estate developer, he would fire someone for cost overruns but said he wouldn't fire Powell. "To do that is a big move and I just don't think it's necessary. And I believe that he's going to do the right thing," Trump said.Powell's term is set to end May 2026.Plans for the renovation were first approved by the Fed’s governing board in 2017. The fed says part of the reason for cost overrun for the renovation is because of the complications of underground construction, tariffs and building materials have soared in price since the original estimate. Fed staff also pointed to the complication of historic renovations, both buildings have significant preservation needs.The president will likely be disappointed again next week, as the overwhelming expectation is that the fed will hold rates steady in its Wednesday announcement.Treasury Secretary Scott Bessent, whom Trump has floated as a potential replacement for Powell, said in a recent interview with Fox Business, "There's nothing that tells me that he should step down right now. He's been a good public servant."