President Donald Trump said Tuesday that he is considering allowing a “major lawsuit” against Federal Reserve Chairman Jerome Powell to proceed, citing the “horrible” job he believes Powell is doing in his position.
“I am…considering allowing a major lawsuit against Powell to proceed because of the horrible, and grossly incompetent, job he has done in managing the construction of the Fed Buildings,” Trump wrote on Truth Social.
Last month, the president joined Powell for a tour of the Federal Reserve’s renovation project, where he sparred with the chairman over what Trump believed were cost overruns totaling $3.1 billion, as reported by RSBN.
The president’s ire toward Powell is centered mostly on the Fed chair’s refusal to lower interest rates.
“Jerome ‘Too Late’ Powell must NOW lower the rate. Steve ‘Manouychin’ really gave me a ‘beauty’ when he pushed this loser. The damage he has done by always being Too Late is incalculable,” Trump wrote in his statement.
Trump has continually put pressure on the Fed to lower interest rates, but Powell hasn’t budged. In July, the president told reporters that the economy would do “better if we had lower interest rates…Without us, the whole world collapses, so we should have lower interest rates.”
Trump’s call to lower rates comes amid record-setting tariff revenue for the United States. According to Fox Business, the U.S. has brought in over $152 billion in tariff money so far, with $29 billion of that total pouring in during July.
It also comes on the heels of the president’s global trade deals and domestic manufacturing plans, which stand to invest trillions into the domestic U.S. economy.
In June, Powell said the Fed was holding off on cutting interest rates because “everyone I know is forecasting a meaningful increase in inflation coming months from tariffs, because someone has to pay for the tariffs.”