Trump ratcheted up his pressure campaign this week, calling on Fed Governor Lisa Cook to resign after a Trump administration official alleged that she had committed mortgage fraud. Cook rebuked the push for her to quit, saying she has “no intention of being bullied to step down from my position because of some questions raised in a tweet.”

Jerome Powell appeared to back a cut to borrowing rates and played down long term inflation risks in his annual speech at Jackson Hole.

Federal Reserve Chair Jerome Powell signaled a likely interest rate cut in September, noting "downside risks" to employment.