President Donald Trump is stirring things up again, indicating a potential lawsuit against Federal Reserve Chair Jerome Powell over costly renovations. Meanwhile, he is advocating for a rate cut following the latest CPI data.
Lawsuit Against Powell
Trump claims the Fed's renovation costs surged to $3 billion, far exceeding the estimated $50 million, showcasing Powell's incompetence. He hints at pursuing a lawsuit related to these expenses and prior perjury allegations submitted to the Justice Department.
CPI Data and Crypto Market Impact
The recent CPI data showing inflation at 2.7%, lower than the expected 2.8%, has positively impacted the crypto market, with Bitcoin rising to $119,000 and Ethereum reaching $4,400. Trump argues that tariffs aren't driving prices up, and the strong economy continues to thrive despite Powell's delays.
Trump's Fed Nominee Stephen Miran's Opinion
Stephen Miran, Trump's nominee for the Fed Board, commented on CNBC that CPI data proves inflation is under control, at 1.9% since Trump took office. He sees no signs of tariff-driven price spikes and believes the data is reliable, unlike frequently revised job reports.
The ongoing conflict between Trump and Powell, now complicated by legal threats, keeps the Fed in the news. Should interest rates decrease, it could further bolster the crypto market.
