In his stinging monthslong campaign to badger Federal Reserve Chair Jerome Powell into lowering interest rates, President Donald Trump has relied on a variety of arguments. He's pointed to the European Central Bank's two percentage points of rate cuts and a report showing weakening private-sector job growth.

The Federal Reserve has room to cut interest rates as elevated uncertainty and the impact of tariffs ripple across the economy, said Anne Walsh, chief investment officer of Guggenheim Partners Investment Management.

The latest labor market data reinforces the central bank’s wait-and-see approach to lowering borrowing costs, despite pressure from President Trump.