U.S. President Donald Trump announced his intention to support a lawsuit against the Chairman of the Federal Reserve (Fed) Jerome Powell over "terrible and extremely incompetent" management of the Fed’s building reconstruction in Washington. In a post on Truth Social, Trump criticized Powell, claiming that the $3 billion project should have only cost $50 million. He also accused Powell of delays in lowering interest rates, which he believes is harming the U.S. economy.
Trump has long criticized Powell, whom he appointed in 2017, for refusing to lower rates, citing the impact of tariffs on inflation. The Fed explains the rising reconstruction costs by unforeseen issues such as asbestos and soil contamination. White House Press Secretary Karine Jean-Pierre confirmed that Trump is considering a lawsuit, but did not provide details.
This conflict highlights the tension between Trump and the Fed, which could impact economic expectations. Stay tuned for updates to stay informed! Subscribe to #MiningUpdates for current news.
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