Fed Governor Christopher Waller, at a New York event, said the US central bank should lower borrowing costs at its July 29-30 policy meeting to preserve the labor market’s stren

The speech comes as President Donald Trump intensifies pressure on the Fed to lower borrowing costs. Trump has repeatedly attacked Powell and has floated firing and replacing him before his term ends in May 2026. Waller, a Trump appointee, is considered a top contender for the job in part because of his dovish stance on interest rates.

The case for a U.S. interest rate cut remains unresolved as Federal Reserve officials head into their policy meeting later this month, with data showing fresh signs of higher inflation and President Donald Trump intensifying his demands for lower borrowing costs.

If President Donald Trump were to fire Federal Reserve Chair Jerome Powell, it could have unintended and severe consequences that reverberate throughout the US economy and global markets.

Federal Reserve Chair Jerome Powell defended the bank's $2.5 billion headquarters renovation budget amid feud with Trump over interest rates.

A top Federal Reserve official said late Thursday that the central bank should cut its key interest rate later this month, carving out a different view than that of Chair Jerome Powell, who has been harshly criticized by the White House for delaying rate cuts.

Hedge funds say they are prepared if U.S. President Donald Trump fires Federal Reserve Chair Jerome Powell before his term expires next year.

Federal Reserve Chair Jerome Powell is under fire from the White House, which accuses him of bungling a yearslong renovation of the Fed's headquarters and has suggested that it could be cause to fire him.