President Donald Trump has publicly chastised Chairman Jerome Powell, who he appointed in 2017 to lead the central bank, over interest rate cuts.

Last month, the Fed cut its benchmark interest rate a quarter of a percentage point, opting for its first interest rate cut this year in an effort to revive the labor market. The federal funds rate stands between 4% and 4.25%, preserving much of a sharp increase imposed in response to a pandemic-era bout of inflation.