Michelle Bowman, the central bank’s vice chair for supervision, is slashing staff, changing rules and adding to the tension at the Fed in the process.

The Fed's budget showed the project's current estimated cost at $2.46 billion, up from $1.88 billion in 2024, a difference of about $580 million. The document shows that the Fed eliminated the planned renovation of a third building - cutting about $510 million in costs.

The Federal Reserve concluded its first meeting of 2026 by holding the federal funds rate (FFR) steady in the 3.50%-3.75% range.