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 is visiting Texas on Friday to assess catastrophic flooding that has killed at least 120 people.

Russell Vought, President Trump's top budget adviser, took questions Friday morning as the White House ramps up pressure on the Federal Reserve to lower rates. Vought said Federal Reserve Chairman Jerome Powell,

Office of Management and Budget has a new official leading and coordinating the U.S. government’s federal statistical system. OMB Director Russell Vought on Thur