Turns out there's more to the Fed renovation story than meets the eye. Last July, Jay Powell sent a detailed letter to senators breaking down the Federal Reserve's $2.5 billion renovation project. This disclosure actually undercuts the recent narrative coming from the Trump administration—they'd been claiming Powell misled Congress on the matter. The letter contained specifics about the project scope and timeline, which contradicts the administration's framing. It's the kind of thing that matters for understanding how Fed policy decisions get communicated to lawmakers. When major institutions like the Fed are under scrutiny over transparency issues, it ripples through markets.