Trump to sue Federal Reserve chief

Encouraged by positive US inflation data (consumer prices in July rose 2.7% year-on-year, rather than the 2.8% forecast by experts), US President Donald Trump once again called Federal Reserve Chairman Jerome Powell, who refuses to cut the key interest rate, “late” and a “loser.” He also claimed the damage Powell had done to the US economy was incalculable.

Trump took to Truth Social to demand that Powell immediately lower the rate and announced that he intends to sue him over the terrible and extremely incompetent job of managing construction work related to Federal Reserve buildings.

For the past several months, Trump has relentlessly criticized Powell for not rushing to cut rates. After the Fed kept the base rate at 4.25–4.5 percent on July 30, the US president called the official a major loser, mean and stupid, and urged his removal.