President Donald Trump on Tuesday threatened to allow a "major lawsuit" against Federal Reserve Chairman Jerome Powell to proceed, escalating his pressure on the central bank leader to cut interest rates .

Trump said in a Truth Social post that the suit would relate to Powell's management of pricey renovations at the Fed's headquarters in Washington, D.C., which the president has previously criticized.

Trump did not say when that suit could be filed or by whom.

"Jerome 'Too Late' Powell must NOW lower the rate," Trump wrote in the post.

"Steve 'Manouychin' really gave me a 'beauty'when he pushed this loser," Trump wrote, referring to his first-term Treasury Secretary Steven Mnuchin having encouraged him to nominate Powell as Fed chair in 2017.

"The damage he has done b

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