The Federal Reserve's $2.5 billion plan to renovate its D.C. headquarters is the latest flashpoint in President Trump's ongoing feud with chair Jerome Powell over interest rates. Why it matters: Trump previously said he wouldn't attempt to fire Powell until the chair's term ends next year,

It comes after Russell Vought, the director of the Office of Management and Budget, sent a letter to Powell last week asking for answers about the $2.5 billion renovation of the Washington building. Vought said the Fed may have moved ahead with the project without getting approval from the National Capital Planning (NCPC).