“At this point, the president is considering a lawsuit against the Fed,” White House press chief Karoline Leavitt said on August 12.
Powell fixes Trump with Fed renovation costs
President Donald Trump cited the costs of reforming the Federal Reserve during his rare visit, urging Chairman Jerome Powell to push him back.
President Donald Trump is considering lawsuits against the Federal Reserve as he continues to condemn Federal Reserve Chairman Jerome Powell’s interest rate control.
“At this point, the president is considering a lawsuit against the Fed,” White House press chief Karoline Leavitt said on August 12 without providing additional details.
The lawsuit will escalate Trump’s ongoing campaign against Powell, who pressured Trump to lower interest rates in his efforts to stimulate the economy. Earlier in the day, Trump said in a social media post he would “permit a massive lawsuit against Powell to proceed,” pointing to the $2.5 billion cost of renovating the agency’s Washington, D.C. headquarters.
Trump clashed with Powell – Trump was appointed in 2017 – appointed directly during a tour of the Fed building renovation last month, with the chairman revising the president on the scale of a cost-overrun.
In general, the Fed will cut interest rates and stimulate the flag’s economy and job market. They raise interest rates or maintain them for longer to reduce inflation and prevent price spikes. The rise in prices due to Trump’s tariffs on imports has led the board to cut profits and become more wary of the possibility of increased inflation.
Powell warned in April about the impact of Trump’s tariffs on inflation, telling Chicago’s economic clubs that “unemployment is likely to increase as the economy slows down, and inflation could rise as they find their way, and some of those tariffs will be paid by the public.”
Contribution: Joey Garrison
