The Dow was set for its first record close of the year and bond yields fell after Federal Reserve Chair Jerome Powell struck an upbeat tone on a September interest-rate cut.

Trump ratcheted up his pressure campaign this week, calling on Fed Governor Lisa Cook to resign after a Trump administration official alleged that she had committed mortgage fraud. Cook rebuked the push for her to quit, saying she has “no intention of being bullied to step down from my position because of some questions raised in a tweet.”

Federal Reserve chairman Jerome Powell signaled a possible interest rate cut in the months to come, sending stocks sharply higher.

Now that Federal Reserve Chair Jerome Powell has signaled that the central bank could soon cut its key interest rate, he faces a new challenge: how to do it without seeming to cave to the White House's demands.

President Donald Trump is calling on a Federal Reserve governor to resign over an accusation of mortgage fraud

Today during an economic symposium in Jackson Hole, Federal Reserve Chairman Jerome Powell hinted at possible future interest rate cuts. This comes as the Fed continues to watch for the impacts of tariffs and weighs job market concerns.

President Donald Trump is calling on a Federal Reserve governor to resign over an accusation of mortgage fraud.

President Trump floated the idea of firing Jerome Powell — whom he first appointed Federal Reserve chair — earlier this week, after years of on-and-off criticism over interest rates.

Cook, the first Black woman to serve on the Fed board, said she had "no intention of being bullied to step down" after Trump called for her resignation.

Jerome Powell, the Federal Reserve chair, is managing a high-stakes balancing act as he grapples with a cooling labor market, rising inflation and White House pressure to cut interest rates.