President Donald Trump met with Federal Reserve Chairman Jerome Powell this week, striking a lighter tone between himself and the Fed following a tour of the central bank’s headquarters. But the Fed holding interest rates steady once again next week could be a blow to that truce.

President Donald Trump may have found a way to achieve his goal of removing Federal Reserve Chair Jerome Powell: by accusing him of mismanaging the U.S. central bank’s $2.5 billion building renovatio...