Tension, arguments, and a surreal conversation between Trump and Jerome Powell during the president's visit to the Fed.

Donald Trump visited the US Federal Reserve on Thursday, and a tense meeting with its chairman, Jerome Powell , was expected. The meeting, which the US president had been warming up to for several days, predictably resulted in an argument between the two in front of reporters, a great deal of tension, and a surreal conversation, AFP reports.

The 79-year-old Republican was inspecting renovations to the US central bank's imposing building in Washington when Powell questioned Trump's reported cost of $3.1 billion, rather than the planned $2.7 billion.

"I'm not aware of it," Powell said, wearing his glasses, as he examined a piece of paper Trump showed him to reporters. According to the Fed chief, the president has added a "third building" to his estimate.

"It's a building under construction," said Trump, wearing a hard hat like his host. "No, it was built five years ago," replied the Fed chief. At this point, Trump completely changed the subject of the conversation, saying, "I'd like you to lower interest rates."

A little later, in a press conference, Donald Trump said he was convinced that Jerome Powell "will do the right thing." The next Federal Reserve (Fed) meeting on interest rates is scheduled for July 29 and 30.

The Republican leader denied that there was any "tension" during the meeting and asserted that he had not pressured him to resign.

Trump recently suggested that these projects may have been the subject of "fraud," fueling speculation that the Federal Reserve chairman could be fired.

Trump's verbal attacks on the Fed chairman, whose term ends in May 2026, have been ongoing since the Republican returned to power in January. "He's always late, he should have lowered interest rates several times," he lamented on Tuesday, for example. "People can't buy homes because this guy is stupid . He keeps rates too high, and he's certainly doing it for political reasons," he added.

The Fed has kept rates steady this year and rules out lowering them in an uncertain environment due to Trump's global tariff offensive, which could drive up prices. Rates have ranged between 4.25% and 4.50% since December.

In comparison, the European Central Bank (ECB) has progressively reduced its interest rates, from 4% in June 2024 to the current 2%.

The US president threatened to fire Powell but recently called it unlikely.

Such a dismissal would be unprecedented, and to carry it out, it would require proving serious misconduct or embezzlement by Powell, 72.

The mission of the Federal Reserve, whose decisions impact markets around the world, is to control inflation and ensure good conditions for employment in the United States .

The institution and its leader enjoy a status that, in theory, places them outside of political pressures.

Treasury Secretary Scott Bessent announced on Monday, however, that an audit of the institution would be conducted.

The visit came as Trump is trying to divert attention from the government crisis sparked by his reluctance to reveal details of the case of sex offender Jeffrey Epstein , who was found dead in his cell in 2019 before his trial.