WASHINGTON (Reuters) -U.S. President Donald Trump on Tuesday reiterated his call for the U.S. Federal Reserve to lower benchmark rates, and cited "a major lawsuit" against Fed Chair Jerome Powell over renovations of the central bank's buildings.

"Jerome 'Too Late' Powell must NOW lower the rate," Trump wrote on his social media platform. "I am, though, considering allowing a major lawsuit against Powell to proceed because of the horrible, and grossly incompetent, job he has done in managing the construction of the Fed Buildings."