Jerome Powell offered his first detailed defense of a $2.5 billion renovation of the Federal Reserve's headquarters, arguing in a Thursday letter to White House budget director Russell Vought that 'we take seriously the responsibility to be good stewards of public resources.

President Trump asked a group of Republican lawmakers how they felt about him firing Federal Reserve Chair Jerome Powell and told them he would "likely" fire Powell "soon," according to two White House officials and sources familiar with the Tuesday evening meeting.

When a reporter asked if the expensive renovation was a fireable offense, Trump replied, “I think it sort of is."