In a post on Truth Social, President Donald Trump urged Federal Reserve Chairman Jerome Powell, whom he referred to as "Too Late" Powell, to reduce the interest rate immediately in the wake of an encouraging Consumer Price Index report on Tuesday, warning he might take legal steps against him over supposed overspending of a renovation budget.
According to Trump, "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 added that he was pondering whether to let a substantial legal case against Powell advance "because of the horrible, and grossly incompetent, job he has done in managing the construction of the Fed Buildings." According to Trump, the renovations were billed at three billion dollars "for a job that should have been a $50 Million Dollar fix up. Not good!". Powell has challenged Trump's math in recent days, including directly in front of the cameras when the president visited the central bank, telling him he was wrong because he used figures that were in part referring to a building that had already been completed five years earlier.
