With the U.S. and world economies showing signs of potential trouble ahead, President Donald Trump has returned to his attacks on the Federal Reserve and the chairman he appointed for not aligning monetary policy more closely with Trump’s demands. On Friday, right-wing political operative Ed Martin, who leads one wing of the late Phyllis Schlafly’s splintered political organization, took things a step further by declaring, “The Fed = The Deep State.”

For right-wing activists and conspiracy theorists, the “deep state” usually refers to people within federal government agencies—the FBI, Department of Justice, State Department, intelligence agencies—who are supposedly secretly working to bring Trump down in some kind of nefarious “coup.” For Trump, the Fed has been a convenient target for blame-shifting for the economic pain and uncertainties caused by his trade war and erratic policy pronouncements.

In an email to supporters of his Phyllis Schlafly Eagles group, Martin wrote:

If you are wondering whether the Deep State is still working against President Trump, look no further than the Federal Reserve. They are doing their very best to keep Trump’s booming economy from booming even more. Pro America patriots need to know who we are up against. Read the stories below to find out more about the Fed and other grave threats.

Martin linked to an article posted at Breitbart on Thursday, which blared, “Fed Officials Strike Defiant Pose Against Trump.” The article noted that the heads of the Kansas City and Philadelphia Federal Reserve banks had both said in interviews with CNBC that they disagreed with Trump’s belief that the Fed should be further cutting interest rates. Those two officials both said they thought July’s rate cut, which some have suggested could be seen as the Fed giving in to Trump’s demands, was unnecessary.

On Monday, Trump attacked Federal Reserve Chair Jerome “Jay” Powell—who he appointed in November 2017—for his “horrendous lack of vision,” tying it to a charge that Democrats are trying to tank the economy to boost their electoral chances in 2020.

On Wednesday, the Washington Post’s editorial board weighed in with this reminder:

The Fed was established to independently conduct the nation’s monetary policy because what a president wants in the short term can differ dramatically from what is desirable for the country’s long-term economic health. For this reason, previous presidents refrained from bullying the central bank. Mr. Trump obviously has other priorities.

Martin made his “Deep State” charge in his email newsletter, “Pro America WYNK”—standing for What You Need to Know. Martin recently launched his “Project Pro America,” which promises to give its members—who pay $99 to join—“access to exclusive content to help them develop as political influencers.”

Martin is currently promoting a September 13-15 conference being cosponsored by The Gateway Pundit, Human Events, and Gen. Jack Singlaub’s America’s Future. The conference features speakers from across the religious, political, anti-Muslim and anti-immigrant right, including Kris Kobach, Pamela Geller, John Guandolo, Jack Posobiec, Stephen Moore, John Eidsmoe, Everett Piper, and more.