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.

President Donald Trump on Tuesday said Chairman Jerome Powell to resign immediately, and renewed his calls for the central bank to lower interest rates.

Just days into his second term, President Trump said he was going to recommend that the Federal Emergency Management Agency “go away,” dismissing the agency as bloated and ine

The BIS said doubts have been raised about the Trump administration’s commitment to central bank independence, but added the president’s comments don’t necessarily represent a threat to the Fed’s autonomy.

President Trump is putting pressure on Federal Reserve Chairman Jerome Powell to lower interest rates, and has been critical of the Fed's $2.5 billion office renovation.