Trump calls Fed chair Powell a 'fool,' threatens lawsuit over headquarters renovation

Core Viewpoint - President Trump has launched a renewed attack on Federal Reserve Chair Jerome Powell, accusing him of incompetence and threatening legal action over the costly renovation of the Fed's headquarters [1][6]. Group 1: Criticism of Jerome Powell - Trump labeled Powell a "fool" during a press conference, emphasizing that Powell's term as chair will expire in May [2]. - The president criticized Powell's management of the Fed's renovation project, claiming it is over budget and poorly executed, contrasting it with his own projects [3][7]. - Trump has previously expressed a desire to fire Powell, alleging mental issues and incompetence, although he lacks the authority to do so without cause [15][16]. Group 2: Renovation Project Details - The renovation project was initially estimated to cost $1.9 billion in 2019, but the cost has risen to nearly $2.5 billion by 2025 due to increased material costs and remediation needs [10]. - Trump claimed the renovation could exceed $4 billion, citing it as the highest construction cost per square foot in history, although the source of this figure is unclear [7][12]. - Powell noted that Trump's cited figure included costs from a previously completed renovation, indicating a misunderstanding of the current project's financials [12]. Group 3: Federal Reserve Independence - World leaders have issued warnings regarding the independence of the Federal Reserve in light of Trump's criticisms and threats [8]. - Powell has stated he intends to complete his term and that any attempt to remove him before its conclusion would not be legally permissible [17].