As part of his campaign to get rid of Jerome Powell, President Donald Trump has blamed the Federal Reserve chair for costing the country “hundreds of billions of dollars” by not slashing interest rates.

The Trump administration has also been highly critical of Powell in the past for not cutting interest rates despite low inflation and improved job numbers.

First Trust Advisors L.P. chief economist Brian Wesbury discusses the Federal Reserve’s leadership, cutting interest rates and more on ‘Varney & Co.’

A new report shows inflation has picked up and analysts believe the prices of many goods increased, in part, because of President Trump’s tariffs. It will play into decisions by the Federal Reserve about when and whether to cut interest rates and comes as the president and his team have ramped up their pressure campaign on Fed Chair Jerome Powell.

President Donald Trump has looked to the marble finishes and hefty price tag of the Federal Reserve headquarters to claim grounds to fire Chair Jerome Powell, with whom he has tussled for years over interest rates.

A top official at the Federal Reserve on Thursday reiterated his call for an interest rate cut later this month, despite data showing ongoing resilience in the US economy and other central bankers pushing to keep rates steady.

A top White House budget official said President Trump is "troubled" by Federal Reserve chair Jerome Powell's management, as Mr. Trump pressures him over interest rates.