In a letter Thursday, the Federal Reserve chief rejected criticism the White House has leveled at him over the cost of renovation projects.

Federal Reserve Gov. Christopher Waller on Thursday called for the central bank to cut interest rates in July. Waller said

P resident Donald Trump accused the Federal Reserve under Chairman Jerome Powell of "choking out the housing market" in his latest attack on the central bank's decision-making.

Christopher Waller, a potential contender to be the next chair of the central bank, said the Federal Reserve should not wait for the labor market to weaken to reduce interest rates.

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.

“With inflation near target and the upside risks to inflation limited, we should not wait until the labor market deteriorates before we cut the policy rate,” he said. “I believe it makes sense to cut the (Fed’s) policy rate by 25 basis points two weeks from now.” (Twenty-five basis points equals one quarter of an interest rate point.)

Massachusetts Sen. Elizabeth Warren, the top Democrat on the Senate Banking Committee, offered support Wednesday for Federal Reserve Chair Jerome Powell, whose policies she frequently criticizes.