President Donald Trump on Tuesday said Chairman Jerome Powell to resign immediately, and renewed his calls for the central bank to lower interest rates.

The central bank is quietly pushing back with a new “Frequently Asked Questions” page on its website defending the central bank’s renovation.

Trump amplified calls for Congress to investigate Powell on the Fed's headquarters renovation.

The BIS said doubts have been raised about the Trump administration’s commitment to central bank independence, but added the president’s comments don’t necessarily represent a threat to the Fed’s autonomy.

Speaking at a Cabinet meeting, Trump strongly criticised Powell, calling him unfit for the role. He said that if Powell gave false information to Congress, it would be reason enough for him to resign. Trump added that the country needs someone in the position who would lower interest rates.

Trump administration official Bill Pulte released a statement suggesting that Fed Chair Jerome Powell is considering resigning amid mounting pressure on his leadership.

Powell repeated his view Tuesday that U.S. inflation is likely to pick up later this summer, though he acknowledged that the timing and magnitude of any price increase from the duties is uncertain.