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It was a surreal scene at the Federal Reserve construction site, with President Trump and Jerome H. Powell, the Fed chair, standing next to each other in hard hats. The president presented Powell with a new, higher, cost of the project. “It looks like it’s about $3.1 billion, it went up a little bit or a lot,” Trump said. Powell closed his eyes and shook his head, explaining that the additional cost was related to the Martin Building, a different Fed office that was renovated five years ago.

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