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

Jerome Powell said the labor market might be softening enough to rein in inflation that is being pushed up by tariffs .

Stocks surged Friday and the Dow closed at its first record high of the year after Federal Reserve Chair Jerome Powell signaled interest rate cuts could be on the way.

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,