Trump tours Fed construction project, calls for lower rates

Driving the news: Powell toured Trump through the under-renovation 1930s Marriner S. Eccles building, both wearing white construction helmets.

• A reporter asked Trump if there was anything Powell could say to convince him to back off of his criticisms. "Well, I'd love them to lower interest rates," Trump said.
• Powell, mostly stone-faced during the joint appearance, chuckled.

Of note: Trump said that the project in fact cost $3.1 billion, not the much-cited $2.5 billion.

• Powell shook his head, and said that the higher number includes a third office building across the street that was completed five years ago.
• "I don't want to be personal," Trump said. "We'd just like to see it get finished. And in many ways, it's too bad it started, but it did start, and it's been under construction for a long time, that'll be it's going to be a real long time, because it looks like it's got a long way to go."

State of play: The massive construction project includes a full-scale renovation of the Fed's 1930s headquarters building and a second historic building next door.

• Trump allies have seized on cost overruns, supposed luxury features, and changes to the project not reviewed by a federal planning board as evidence of mismanagement by Powell.

Editor's note: This story has been updated with comments by President Trump.