Donald Trump threatened a “major lawsuit” against Federal Reserve Chairman Jerome Powell as the cost of the president’s tariffs showed up in the prices Americans are paying on Tuesday. The president raged that Powell “must NOW lower the rate” in a Truth Social post in which he also blasted his former Treasury Secretary Steve Mnuchin,

President Donald Trump is considering suing Federal Reserve Chair Jerome Powell, White House press secretary Karoline Leavitt said Tuesday.

Your guide to what Trump’s second term means for Washington, business and the world US stocks hit another record high on Tuesday, as a steady inflation figure prompted traders to increase bets that the Federal Reserve would cut interest rates next month.

Slowing rent increases and cheaper gas are offsetting some impacts of Trump's sweeping tariffs. Excluding the volatile food and energy categories, core prices rose 3.1%, up from 2.9% in June.