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

Three Federal Reserve officials appeared lukewarm on Thursday to the idea of an interest rate cut next month, as investors geared up for U.S. central bank chief Jerome Powell’s speech to the annual Jackson Hole conference in Wyoming.

Fed rate cuts are unlikely to lower borrowing costs for American homebuyers, according to one CIO. Mortgage rates and home prices remain elevated.