A deadline looms next week for Federal Reserve Chair Jerome Powell. As part of President Donald Trump’s campaign to pressure the Fed to cut interest rate, Powell is supposed to respond to a letter from Office of Management and Budget director Russell Vought questioning renovations to the Fed’s Washington, D.C., headquarters. Some Fed watchers believe the dispute is just a pretext to fire Powell.

The letter gives the Fed Chair until July 21 to respond to a series of questions about cost overruns in the nearly $2.5 billion renovation. The Fed said the buildings in question haven’t been renovated since the 1930s. Former Fed historian Gary Richardson can attest to that.

“The bathrooms down in the basement near the library are really kind of scary,” he said.

Richardson said the water in sinks is scalding. And the buildings are not very accessible for people with limited mobility. The Fed blames the higher price tag on asbestos and contaminated soil removal, and said the water table is higher than expected. 

Former Fed attorney Cornelius Hurley is among the central bank watchers who think that the renovation is a pretext to fire Powell. 

“I think it’s a weak case and I think Powell will challenge it,” he said.

Hurley said Trump should worry about how markets will react if he does terminate Powell. He said Trump should also think about whether such a move would get him what he wants. The Fed chair is only one of twelve members of the Federal Open Market Committee, which actually sets interest rates, and considers itself, Hurley said, the Fed’s establishment. 

“If Trump were to alienate the establishment, the establishment could exact its own punishment,” he said.

In other words, even if Trump succeeded in replacing Powell, he might not get the lower interest rates he wants.