Trump fiercely criticizes Powell as the Fed defends its transformation project.

[Trump harshly criticizes Powell as the Fed defends its renovation project] The Fed took measures on Friday to respond to accusations from President Trump and his allies. These accusations claim that Fed Chairman Powell acted improperly in managing the renovation project at the Fed's headquarters and subsequently concealed relevant plans from Congress. In an update to its website later on Friday, the Fed detailed the content aimed at supporting Powell's statements to lawmakers. The renovation project, which began in 2021, has exceeded its budget by $700 million, with total costs expected to reach around $2.5 billion. In the "frequently asked questions" released by the Fed on Friday, it stated: The Fed places a high priority on fulfilling its responsibility to manage public resources effectively. This project will allow the Federal Reserve Board of Governors to consolidate most of its business functions, thereby gradually dropping long-term operating costs. The entire project is a systematic renovation and modernization upgrade to two historical buildings that have never undergone comprehensive repairs since their construction in the 1930s, including restoration and updating of the buildings.