The insinuation was unmistakable. Trump has long bristled at Powell’s resistance to his repeated demands for interest rate cuts, and this public confrontation appeared to be an attempt to link financial mismanagement to Powell’s broader performance as Fed chair.

The fact-check came in real time, and on camera, as Trump handed Powell a folded piece of paper with the higher cost estimate.

Both wearing hard hats, the Federal Reserve chairman and the US president sparred over cost overruns during a tour of the central bank’s renovation project.