President Donald Trump has threatened a "major lawsuit" against Federal Reserve Chair Jerome Powell, while once again calling for an immediate cut to interest rates following muted inflation data.

In a post on his Truth Social social-media network, Trump again urged the Fed to lower interest rates, writing: “I am … 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.”

President Donald Trump touted a "major lawsuit" against Federal Reserve Chair Jerome Powell over the rising costs of the renovation of Fed buildings.