Federal Reserve Chair Jerome Powell in a Thursday letter countered criticisms leveled at the central bank by a top White House official over a $2.5 billion renovation project.

A group of White House officials are set to visit the Federal Reserve on Thursday amid escalating criticism of chairman Jerome Powell over renovations to the central bank’s headquarters.

High-profile criticism of some $700 million in cost overruns is said to be an effort to pressure Jerome Powell to quit.

President Donald Trump is scheduled to welcome NATO Secretary-General Mark Rutte to the White House on Monday, a day after the president said the U.S. would provide "sophisticated" equipment to Ukraine to aid in its fight against Russia.

U.S. Federal Reserve Chair Jerome Powell has asked the Fed board's inspector general to take a fresh look at the project aimed at overhauling Fed buildings, Politico reported on Monday, citing a letter to lawmakers by Powell.

President Donald Trump is escalating his pressure campaign to get the Federal Reserve chairman to either lower interest rates or quit his post by targeting the expensive renovation at the central bank’s headquarters.

Powell has said politics don't play a part in Fed rate decisions. He and his colleagues have held the key overnight borrowing rate in place since December, though markets largely expect a cut is on the way not at the Fed's July meeting, but in September.

President Donald Trump on Tuesday said Chairman Jerome Powell to resign immediately, and renewed his calls for the central bank to lower interest rates.