Federal Reserve Chair Jerome Powell has been under pressure from President Trump to lower the central bank's benchmark interest rate.

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

Major brokerages anticipate a 25-basis-point rate cut by the U.S. Federal Reserve in September, following Chair Jerome Powell's speech at Jackson Hole highlighting labor market risks. Powell's remarks led Barclays and others to adjust their rate cut forecasts,