Trump threatens Powell with 'major lawsuit', demands rate cut

US President Donald Trump threatened on Tuesday to allow a “major lawsuit” against Federal Reserve Chairman Jerome Powell to proceed, calling for immediate interest rate cut.

The president said on his “Truth Social” platform that the lawsuit would relate to Powell’s management of major renovations at the Fed’s headquarters in Washington, D.C.

“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 claimed.

“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!” he wrote.