The Globe and Mail reports in its Thursday, Oct. 1, edition that the Federal Reserve's watchdog reported that the central bank mismanaged a large renovation project but found no criminal violations, contrary to claims made by Trump administration prosecutors. An Associated Press dispatch to The Globe reports that the Fed's inspector-general reported that missteps by the board and staff inflated the cost of a $2.4-billion (U.S.) renovation. They failed to obtain a comprehensive cost estimate or set a maximum overall cost, which could have made the contractor absorb inflation impacts, especially as prices increased after construction began in 2022. "Our review found that the Board has not effectively managed and executed its contract and repeatedly deviated from its cost-management provisions," the report said. The building project became a significant issue during the Trump administration's push for the Fed to cut interest rates. President Donald Trump visited the site last July, where then-chair Jerome Powell corrected his estimate of the project's costs in front of cameras. The building project then became the focus of a criminal investigation by Mr. Trump's Justice Department.