July 9th. On Tuesday, US President Trump stated at a cabinet meeting that if the allegations of misleading Congress regarding the renovation project at the Federal Reserve headquarters by Fed Chair Powell are true, the Fed Chair should "resign immediately."

Trump reiterated his criticism of Powell, calling him "terrible," and told reporters that deceiving Congress would be grounds for immediate resignation. "Then he should resign immediately," Trump said, "We need someone who will lower interest rates." Trump continued to criticize Powell's policy of maintaining unchanged interest rates, and last month he even stated that he would choose a successor who supports rate cuts.

Previously, the media revealed cost overruns and luxurious upgrades in the Federal Reserve headquarters renovation project. Powell recently refuted the reports during a Senate hearing, stating that they were "misleading and inaccurate in many respects." (Golden Finance)