President Donald Trump suggested that a $2.5 billion renovation plan at the Federal Reserve might be sufficient cause to fire Fed Chair Jerome Powell, an escalation of his recent attacks against the central banker.

Treasury Secretary Scott Bessent said Tuesday that President Donald Trump has no plan to fire Federal Reserve Chair Jerome Powell. “As President Trump said, he’s not looking to fire chair Powell,” Bessent said, during an interview with Bloomberg Television.

The C.E.O. of JPMorgan Chase, who has rarely taken on President Trump during his second term, wades into the argument over the Federal Reserve chair.