Former U.S. President Donald Trump intensified his public campaign against the Federal Reserve on 12–13 August, urging the central bank to slash interest rates by "three or four" percentage points without delay. Trump argued that a sharp reduction would cut the federal government’s annual interest bill, which he put at more than $1 trillion, calling the outlay “really just a paper calculation.” Speaking in media interviews and public remarks, Trump said lowering borrowing costs to around 1 percent could "save almost a trillion dollars" a year. He contended that policymakers were keeping rates unnecessarily high and that the economy would benefit from far cheaper credit. Trump also threatened to sue Fed Chair Jerome Powell if the central bank does not comply. The Federal Reserve and Powell have not commented on the remarks, which revive the legal rhetoric Trump occasionally used while in office to criticize Fed policy.