Pressuring Waller to cut interest rates? Trump jokes: Waller can work in the White House

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On Thursday, U.S. President Trump pressured for a rate cut when mentioning Kevin Warsh, who has been nominated as the next candidate for Federal Reserve Chair.

Trump joked, "If Warsh is elected Fed Chair, he could even work directly from the White House." He then rhetorically asked, "What reason is there not to cut rates right now?" emphasizing the necessity of implementing monetary easing policies.

These comments are seen as an example that, amid ongoing controversy over Federal Reserve independence, political pressure from Trump to cut rates still persists.

Currently, as the Iran conflict continues, oil prices are soaring, U.S. inflation is under pressure, and swap markets now imply that the probability of a Fed rate hike this year has exceeded 50%.

On the same day, Trump again fiercely attacked Fed Chair Powell, calling him a "moron" and thanked U.S. federal prosecutor Jeanine Pirro and Attorney General Pam Bondi for initiating a criminal investigation against Powell.

This scene occurred during Trump's second cabinet meeting of the year.

Over the past year, Trump repeatedly accused Powell of being "slow to act" for refusing to cut rates. Now, Trump alleges Powell of misconduct related to the ongoing multi-billion dollar renovation project at the Fed building. Trump said:

There's a moron sitting at the Fed. Who wouldn’t cut rates at a time like this? But I want to thank Jeanine Pirro, Pam Bondi, and her team, thank them for having the courage to bring this lawsuit. And I believe that the contractor in charge of that project is probably now one of the richest people in America.

I really don’t think it’s possible to spend so much money. $3 billion, $4 billion. No one knows exactly where the money went. But it’s certainly over $3 billion. And when the project is finished, the cost will probably be over $4 billion. It might never be finished, unless I take over. If I take over, I could definitely get it done. But it will never go back to how it used to be.

It won’t have those beautiful ceilings anymore, nor those stunning walls. Those walls were a foot and a half thick (about 45 cm), built with solid brick and stone. Yet they tore them down for no reason.

However, earlier this week, a senior aide under Pirro privately admitted that the Department of Justice hasn't found evidence of criminal wrongdoing by Powell, which undermined the credibility of Trump’s previous allegations.

As early as January this year, Trump had said he hoped to sue Powell because the renovation costs for the old Fed building had soared out of control to over $4 billion, about $1.5 billion higher than the original budget.

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