The White House uses an overbudget renovation of Fed headquarters to pressure Fed Chair Powell out of his job. Will it work? And does it even matter?

President Donald Trump renewed his criticism of Federal Reserve policy under Jerome Powell, calling the chair a "knucklehead" and advocating for interest rates to be at less than 1%.

In a letter posted to social media last week, Russell Vought, the head of the Office of Management and Budget, also slammed the project, which involves two of the Fed's three Washington, D.C. buildings including its main headquarters known as the Eccles Building.