During the visit, for example, Trump flubbed basic details about developments at the European Central Bank, which he pretended to know something about. Around the same time, the Republican made specific boasts about the impact of a rate cut, which were quickly discredited.

But those comments only set the stage for the pièce de résistance. As The New York Times reported:

The chair of the Federal Reserve closed his eyes and shook his head. He was about to do something that few senior government officials ever do, at least in public: fact-check President Trump in real time.

This is one of those stories in which watching the video is necessary to fully appreciate what transpired.
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Link to tweet

....It was not a flattering moment for a president who routinely makes up figures but who is rarely fact-checked by his own appointees on camera. Indeed, one of the more notable elements of the exchange was that Powell didn’t seem to care at all about Trump’s delicate ego or fear of public humiliation.

As for the underlying issue, it’s true that the renovation project is over budget, but as The Associated Press reported last week, it was Trump appointees, not Powell, who pushed for elements that raised costs.