U.S. President Donald Trump intensified his months-long campaign against Federal Reserve Chair Jerome Powell on Wednesday, writing on Truth Social that Powell should “resign immediately.” The outburst follows repeated complaints from the White House that the Fed has been slow to cut interest rates, which remain at a target range of 4.25%-4.5%. Trump, who appointed Powell in 2017, has nicknamed him “Mr. Too Late” for what he says is the central bank’s tardy response to slowing growth and the inflation effects of the administration’s 145% tariff on Chinese goods. Trump’s demand came hours after Federal Housing Finance Agency Director Bill Pulte urged Congress to investigate Powell for allegedly giving “deceptive” testimony about a planned $2.5 billion renovation of the Fed’s Washington headquarters. Pulte contends the Fed chair understated the scope of luxury features such as private dining areas and upgraded elevators when he appeared before the Senate Banking Committee last week. Powell has said the renovation costs have been exaggerated and maintains that monetary policy will not be swayed by political pressure. Speaking on Tuesday at a European Central Bank forum in Portugal, he reiterated that policymakers are waiting to assess the tariff impact on inflation before considering rate cuts. Under U.S. law, a Fed chair can be removed only “for cause,” and the Supreme Court reaffirmed those protections earlier this year. Powell’s current four-year term expires in May 2026, and people familiar with the matter say the central bank declined to comment on Trump’s renewed demand.