Washington DC - President Donald Trump on Tuesday renewed his attacks on Federal Reserve Chief Jerome Powell over his refusal to lower interest rates.

"'Too Late' Jerome Powell, of the Fed, will be in Congress today in order to explain, among other things, why he is refusing to lower the Rate," Trump said in a raging late-night post on Truth Social.

"Europe has had 10 cuts, we have had ZERO. No inflation, great economy - We should be at least two to three points lower," Trump claimed. "Would save the USA 800 Billion Dollars Per Year, plus."

Trump has been trying to undermine Powell since he returned to office in January, criticizing the Fed Chief for keeping interest rates steady amid massive economic upheaval caused by the "Liberation Day" tariffs.

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The Federal Reserve has avoided an interest rate drop before inflation hits a 2% target, in an attempt to avoid economic instability.

Last week, Trump called Powell a "Total and Complete Moron" and again called for him to be sacked, a move that the president doesn't have the authority to make.

Powell has voiced his intention to serve through to the end of his term, which concludes next year, despite continuous threats from the Trump administration.

"What a difference this would make," Trump said in his Tuesday morning rant, referring to a potential interest rate drop. "If things later change to the negative, increase the Rate. I hope Congress really works this very dumb, hardheaded person, over," he said.

"We will be paying for his incompetence for many years to come. THE BOARD SHOULD ACTIVATE. MAKE AMERICA GREAT AGAIN!"