On July 9, U.S. President Trump said at a cabinet meeting on Tuesday that if allegations that Federal Reserve Chairman Powell misled Congress regarding the Fed headquarters renovation project are true, the Fed chairman should "resign immediately."

Trump reiterated his criticism of Powell, calling him "terrible," and told reporters that deceiving Congress would constitute grounds for immediate dismissal. "Then he should resign immediately," Trump said. "We need to replace him with someone who will cut interest rates." Trump has continued to attack Powell's policy stance of keeping interest rates unchanged, and last month declared that he would choose a successor who would support interest rate cuts.

Previously, media reports revealed that the renovation project of the Federal Reserve headquarters had problems such as soaring costs and luxurious configurations. Powell recently refuted the relevant reports at a Senate hearing, saying that they were "misleading and untrue in many ways." (Golden Ten)