Federal Reserve Chair Jerome Powell will give a speech on the economic outlook and the Fed's review of its policy framework next Friday at the Kansas City Fed's annual central banking conference in Jackson Hole,

President Trump blasted Federal Reserve Chair Jerome Powell over the multibillion-dollar renovation of the central bank's headquarters.

Futures markets are also expecting a rate cut. Investors peg the chances of a quarter-point interest rate cut at nearly 96%, according to the CME FedWatch Tool, a measure of market sentiment.