‘Horrible, grossly incompetent’: Donald Trump bashes Jerome ‘too late’ Powell; hints at lawsuit over Fed building construction
US President Donald Trump on Tuesday bashed Federal Reserve Chair Jerome “too late” Powell, accusing him of incompetence, demanding immediate interest rate cuts, and even suggesting he may allow a “major lawsuit” over costly renovations at the Fed’s Washington headquarters.Sharing a post on Truth Social, Trump tore into Powell’s management of the Fed headquarters renovation, alleging the cost had spiraled to $3 billion.“Jerome ‘Too Late’ Powell must NOW lower the rate,” Trump posted demanding for rate cut again.Further, taking a jab at former treasury secretary Steve Mnuchin, the US President said, “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,” he added.He went on to threaten legal action over the project’s price tag saying, “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!” Trump noted.Trump had earlier argued the renovations were wildly overpriced and badly managed. Powell has pushed back, saying Trump’s figure wrongly included a separate building finished years ago.Trump has repeatedly called on Powell to slash rates by at least three percentage points to boost growth, ease homebuying, and lower federal borrowing costs. The Fed, however, maintains that inflation currently at 2.6% annually is still above its 2% target.The US inflation data released Tuesday showed consumer prices rising 2.7% year-on-year in July, unchanged from June, though core prices edged higher. Economists warn that aggressive rate cuts now could risk reigniting inflation, particularly as Trump’s sweeping tariffs filter through the economy.
