Watch: Trump jokes he wants Powell to lower interest rates in tense exchange

US President Donald Trump and Federal Reserve Chair Jerome Powell exchanged frosty words during their public tour of the Federal Reserve's $2.5 billion renovation project. The pair met reporters and disagreed about the project's timeline and cost.

It was their first public meeting since Trump criticised Powell and the Federal Reserve for refusing to lower interest rates.

In the exchange, the president joked that he would "love" for Powell to lower interest rates - drawing some light laughs from reporters and Powell himself - less than a week before the next rate-setting meeting where policymakers are expected to hold interest rates steady.

Trump's visit to the Fed marked the first of a sitting president since former president George W Bush attended the swearing-in of Ben Bernanke as chairman in 2006.