Fed Chair Jerome Powell is under fire from the White House, which accuses him of bungling a renovation of the Fed's HQ and has suggested it could be cause to fire him.

White House Budget Director Russ Vought spoke with Margaret Brennan on Face the Nation Sunday about what's going on with the Federal Reserve and a possible rescissions package.

WASHINGTON, July 13 (Reuters) - U.S. President Donald Trump has the authority to fire Federal Reserve Chair Jerome Powell for cause if evidence supports that, White House economic adviser Kevin Hassett said on Sunday and that the Fed "has a lot to answer for" on renovation cost overruns at its Washington headquarters.

While meeting British Prime Minister Keir Starmer, President Donald Trump said Fed Chair Jerome Powell "has to" cut interest rates.

US President Donald Trump welcomes UK Prime Minister Keir Starmer and his wife Victoria to Trump Turnberry in Scotland. (Source: Bloomberg)

In remarks to reporters, Trump said the deal will be "great for cars", and will have a big impact on agriculture. He added that he is "looking at three or four other countries" to strike deals with as well,

But this week all eyes will be on Powell as he holds a solo press conference Wednesday that will be must-watch TV amid the political drama.

The Fed's rate-setting committee is scheduled to meet later this week as Trump continues to push for looser monetary policy.