The Trump administration has pressured Powell, whose term as Fed chair expires next year, to step down as chair of the central bank.

Federal Reserve Chair Jerome Powell on Friday pointed to a possible interest rate cut at the U.S. central bank's meeting next month, but stopped short of committing to it, in remarks acknowledging both the growing risks to the job market and ongoing threat of higher inflation.

So many Federal Reserve officials have said they are waiting for data over the next few weeks before deciding on a September rate cut that it doesn't leave Fed Chair Jerome Powell much room to clearly signal a rate cut,