Powell has said politics don't play a part in Fed rate decisions. He and his colleagues have held the key overnight borrowing rate in place since December, though markets largely expect a cut is on the way not at the Fed's July meeting, but in September.

A top White House budget official said President Trump is "troubled" by Federal Reserve chair Jerome Powell's management, as Mr. Trump pressures him over interest rates.

President Donald Trump’s budget chief accused Federal Reserve Chair Jerome Powell of grossly mismanaging the central bank, according to CNBC. He also suggested Powell misled Congress about the cost and features of the Fed’s $2.