Trump has repeatedly urged Powell to cut the short-term interest rate that the central bank controls. The Fed typically reduces its rate during an economic downturn to encourage more borrowing and spending, and raises it to cool the economy and fight inflation when prices rise.

Key Takeaways Officials at the Federal Reserve discussed the possibility of cutting the central bank's key interest rate as soon as June if the economy takes a turn for the worse.The Fed is currently in a holding pattern,

A rate cut at either the Federal Reserve’s May or June meeting seems more unlikely Thursday after the most prominent dovish member of the U.S. central bank suggested he was in no hurry to move.