While almost no one thinks Donald Trump's verbal attacks on Federal Reserve Chair Jerome Powell are a positive development, they have electrified the debate about whether the U.S. president is right that interest rates are too high.

When a reporter asked if the expensive renovation was a fireable offense, Trump replied, “I think it sort of is."

A new report shows inflation has picked up and analysts believe the prices of many goods increased, in part, because of President Trump’s tariffs. It will play into decisions by the Federal Reserve about when and whether to cut interest rates and comes as the president and his team have ramped up their pressure campaign on Fed Chair Jerome Powell.

The Bureau of Labor Statistics on Tuesday released June inflation data, showing prices increased from the prior month. Hours later, President Trump called on the Fed to lower rates.

Trump indicated that Powell’s handling of an extensive renovation project on two Fed buildings could be grounds to fire him.

White House trade czar Peter Navarro on Wednesday called Federal Reserve Board Chair Jerome Powell the “worst Fed chair in history” at the Hill Nation Summit. “All I want is a Fed chair who

President Trump says Fed rate cuts would save the government as much as $900 billion a year in interest payments on its debt. Is that fight?

Fed Chair Jerome Powell said tariff concerns delayed interest rate cuts, stating the central bank would have likely reduced rates this year if not for potential consumer price hikes.

CNBC's "Closing Bell" team discusses what to expect from upcoming bank earnings with Stephen Biggar, director of financial services research at Argus Research.