NEWYou can now listen to Fox News articles!
President Donald Trump on Tuesday ramped up his pressure on Federal Reserve Chairman Jerome Powell to cut interest rates, threatening to allow a lawsuit over the central bank’s $3.1 billion renovation project to move forward.
Trump took to Truth Social to blast Powell, who has refused to adjust rates despite repeated demands by the president as inflation remains steady, holding at 2.7% in July.
“Jerome ‘Too Late’ Powell must NOW lower the rate,” Trump wrote on his Truth Social.
President Donald Trump presents Federal Reserve Chair Jerome Powell with what Trump called a list of cost overruns for the Federal Reserve’s $2.5 billion headquarters renovation project on July 24, 2025, in Washington, D.C. (Chip Somodevilla/Getty Images)
THE FED’S FOOLISH INTEREST RATE POLICY IS STOPPING AMERICA’S ECONOMY FROM BOOMING
“Steve ‘Manouychin’ really gave me a ‘beauty’ when he pushed this loser. The damage he has done by always being Too Late is incalculable. Fortunately, the economy is sooo good that we’ve blown through Powell and the complacent Board.”
Trump then went on to dangle the prospect of the legal action, although it is unclear what lawsuit Trump was referring to.
“I am, though, 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. Three Billion Dollars for a job that should have been a $50 Million Dollar fix up. Not good!”
The comments are Trump’s latest public attack against Powell despite appointing him as the Federal Reserve chair in 2017. A Fed spokesperson declined to comment.
Powell and the Fed have previously defended the ongoing renovations, emphasizing that they’re necessary structural updates and not luxuries. (Photo by Win McNamee/Getty Images)
GOOD ECONOMIC DATA IS BAD NEWS FOR TRUMP’S INTEREST RATE PUSH
The Federal Reserve’s renovation is focused on two…
