President Trump floated the idea of firing Jerome Powell — whom he first appointed Federal Reserve chair — earlier this week, after years of on-and-off criticism over interest rates.

Federal Reserve Chair Jerome Powell has asked the U.S. central bank's inspector general to review the costs involved in the renovation of its historic headquarters in Washington, as Trump administration officials intensify their criticism of how the Fed is being run.

The Federal Reserve is an independent organization, meant to be insulated from politics, and the Supreme Court suggested this year that President Donald Trump would need a reason, or cause, to fire Federal Reserve Chairman Jerome Powell.

Federal Reserve chair Jay Powell has rebutted the Trump administration’s accusations that he misled Congress over a $2.5bn refurbishment of the central bank’s headquarters, saying it did not inform government planners of changes to the project because they were not “substantial” enough to warrant it.

Federal Reserve Chair Jerome Powell has reportedly asked the central bank’s inspector general to review its $2.5 billion headquarters renovation, a project that has become a key focus of escalating attacks from the Trump administration.

Federal Reserve Chair Jerome Powell has asked an inspector general to review the cost of the central bank's building renovations that White House officials have attacked as "ostentatious."

A top White House budget official said President Trump is "troubled" by Federal Reserve chair Jerome Powell's management, as Mr. Trump pressures him over interest rates.

Federal Reserve Governor Christopher Waller's comments come as tensions between Fed Chair Jerome Powell and President Donald Trump have reached a boiling point in recent days.