Trump on Tuesday ramped up his pressure on Jerome Powell to cut interest rates, threatening to allow a lawsuit over the central bank’s $3.1 billion renovation project to move forward.

U.S. President Donald Trump offered a veiled threat on Tuesday of a "major" lawsuit aimed at Federal Reserve Chair Jerome Powell in Trump's ongoing dispute over renovations of the central bank.

Trump recently announced he’s nominating his chair of the Council of Economic Advisers, Stephen Miran, to fill a newly opened position on the Fed’s Board of Governors. If confirmed by the Senate, Trump said he anticipates Miran being at the Fed for a matter of months and likely would not nominate him for chair.