Former U.S. President Donald Trump has once again escalated his criticism of Federal Reserve Chair Jerome Powell, saying he is considering a lawsuit over what he called “gross incompetence.”
📌 What’s the issue?
Trump is targeting the renovation costs of the Federal Reserve’s headquarters, claiming the project was mismanaged and costs ballooned unnecessarily.
🗣️ Trump’s Comments:
Called the renovation project “Powell’s baby”
Said Powell is “just incompetent”
Added that Powell should resign and that firing him is still “possible”
🏦 Fed’s Response:
The Federal Reserve says the renovation was approved in 2017
Costs have been reviewed and approved annually by the Fed’s Board of Governors
Powell has pushed back against Trump’s claims
📅 Key Contexts
Trump originally nominated Powell
Powell was later renominated by President Biden
Powell’s current term ends in May
Trump says he may let the term finish — but keeps pressure on
📊 Why this matters for markets:
Political pressure on the Fed can impact rate expectations
Raises concerns about central bank independence
Could increase volatility in USD, bonds, equities & crypto
👀 Markets will be watching closely.
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