US President Donald Trump has called for the chair of the Federal Reserve to quit right away, in an escalation of his attacks on Jerome Powell, BBC reported.

"'Too Late' should resign immediately!!!", Trump said in a post on his Truth Social platform. 

He also included a link to a news article about a US federal housing regulator calling for Mr Powell to be investigated over his testimony about renovations to the central bank's Washington headquarters.

Trump nominated Mr Powell to be the Fed chair during his his first term. Since then, he has repeatedly criticised him for not cutting interest rates but it's unclear whether the president has the authority to remove him from the post, according to BBC.