Powell defends _2.5 billion Fed renovation in a point-by-point response to the Trump administration

*Description:**

> Federal Reserve Chair Jerome Powell issued a detailed defense of the central bank's controversial $2.5 billion headquarters renovation project, directly countering criticisms from the Trump administration. Powell's point-by-point response addressed concerns about cost and necessity, arguing the modernization is essential for security, efficiency, and the long-term functioning of the Fed amidst heightened political scrutiny over its spending and independence.

**Article Link:**
`https://www.bbc.com/news/business-[article-specific-identifier]`

**Key elements included in the description:**

1. **Who:** Jerome Powell (Fed Chair)
2. **What:** Defended the $2.5 billion Fed HQ renovation.
3. **How:** Issued a "point-by-point response".
4. **To Whom:** The Trump administration's criticisms.
5. **Why Cited by Powell:** Security, efficiency, long-term function.
6. **Context:** Political scrutiny over Fed spending/independence.
7. **Source:** BBC News (implied by the context).

**Remember:** Replace the placeholder URL (`https://www.bbc.com/news/business-[article-specific-identifier]`) with the actual link to the specific BBC News article you are referencing. You will need to search the BBC News website (likely in the Business or US & Canada sections) for the exact article published around the time of this event (primarily 2019-2020).