Trump once again criticized Jerome Powell, this time for what he believes is a complete disrespect for America's financial power.

On Thursday, the president posted:

"'Too late' undermines the creditworthiness of the United States. Now, once again, we are the number one credit nation in the world! 'A spectacular comeback'. The Federal Reserve's interest rates should reflect this. We should be at the top of the list!!! LOWER INTEREST RATES!!!"

This post was made shortly after Trump's budget director, Russell Vought, now head of the Office of Management and Budget, sent Powell a letter criticizing how he handled a massive construction project at the Fed headquarters.

Russell said Powell "has poorly managed the Fed" and may have misled lawmakers in Congress. This message is not subtle. And it has opened a new round in the ongoing battle between Trump and the central bank chief.

Vought said the Powell renovation project is over budget by $700 million

In the letter, Russell criticized Powell for the skyrocketing costs of the Fed headquarters renovation project in Washington. He stated that the project, which was already expensive, has now reached $2.5 billion - about $700 million above the original price.

He calls it "grandstanding" and claims the cost per square foot has reached $1,923, a figure he considers to be double the usual price for historic federal buildings. "The Palace of Versailles would cost $3 billion at current values!" he posted on X, along with the entire letter to Powell.

The letter is based on Powell's recent testimony before the Senate Banking Committee on June 25, in which he told lawmakers that the building has nothing fancy. Powell stated, "there are no VIP dining rooms, no new marble, no special elevators, no fountains, no beehives, and no rooftop gardens."

Russell's letter directly responds to that testimony, stating that the original design required rooftop gardens, elevators, private dining areas, and luxurious interiors. He indicated that Powell's version of the story does not match what was actually planned.

Russell also raised legal issues. He wrote that the project could violate the National Capital Planning Act, which requires the National Capital Planning Commission to approve major federal projects.

"His testimony appears to indicate that the project does not comply with the approved plan regarding key design elements," he wrote. And if that is the case, Russell said, the Fed would be forced to halt all construction immediately and apply for re-approval before proceeding.

In the letter, he also asked Powell to respond to 11 questions about the project within seven working days. The Trump administration has not indicated whether they will try to remove Powell, but pressure is mounting. Previously, Trump had considered firing him and even publicly mentioned replacing him before his term ends next spring. Now that Trump is back in power, the idea may no longer be out of reach.

Trump presents a new economic study to criticize Powell over inflation

Two days before the Truth Social post about interest rates, Trump posted that a study by the Council of Economic Advisers (CEA) proves Powell has been wrong from the start. "A new study by the Council of Economic Advisers (CEA), led by esteemed Chairman Dr. Stephen Miran, found that tariffs HAVE NO IMPACT on inflation," Trump wrote.

He didn't stop there. "In fact, research shows that import prices are actually FALLING, just as I have always said. Fake news and so-called 'Experts' are wrong once again. Tariffs are causing our country to 'EXPLODE'."

New factories, new jobs, and TRILLIONS OF DOLLARS in investment are pouring into the United States. Someone should tell Jerome Powell 'Too late' about inflation not existing for months and refusing to do the right thing. CUT INTEREST RATES JEROME — NOW IS THE TIME!

Additionally, there is a legal wall that Trump may want to break through. The Supreme Court recently ruled that Fed board members are protected from being fired by the president without cause.

But if Russell's allegations still stand - about mismanagement, lying to Congress, or violating federal law - Trump may try to argue that Powell's actions have crossed that threshold.

Currently, Powell has not publicly responded to Russell's letter or Trump's post as usual. But time is running out for those 11 questions.