Three things can simultaneously be true: that it would be reasonable for the Federal Reserve to cut interest rates; that its headquarters renovation is too expensive; and that the Trump administration's attacks show why central banks are designed to be independent in the first place.

The Fed is self-funding and doesn’t need outside approval for building projects, according to the law that created the central bank.

President Donald Trump denied that he plans to fire Federal Reserve Chairman Jerome Powell, contradicting a senior White House official. House Republicans said Trump spoke about the plan Tuesday night.