Trump again calls for rate cuts, threatens Powell with lawsuit

Investing.com -- U.S. President Donald Trump once again called for an immediate interest rate reduction in a Truth Social post on Tuesday, while offering more criticism of the Federal Reserve Chair Jerome Powell.

Trump referred to Powell as "Too Late" in his social media statement, claiming the Fed chair has caused "incalculable" damage by being consistently behind the curve on monetary policy decisions.

The president also mentioned that he was "considering allowing a major lawsuit against Powell to proceed" related to what he described as mismanagement of Federal Reserve building construction projects.

In his post, Trump alleged that $3 billion was spent on Federal Reserve building work that should have cost only $50 million for renovations.

Trump also criticized former Treasury Secretary Steven Mnuchin, whom he referred to as "Steve Manouychin," suggesting Mnuchin had recommended Powell for the position.

Despite his criticism of the Federal Reserve leadership, Trump claimed the economy is performing well enough to have "blown through Powell and the complacent Board."

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