Mamdani holds news conference amid scrutiny of 'defund police' comments

Watch live coverage as Federal Reserve Chairman Jerome Powell gives a press conference update on interest rates. President Donald Trump has pushed Powell to lower rates in an attempt to boost the U.S.

Federal Reserve Governors Christopher Waller and Michelle Bowman expressed concerns that the central bank’s hesitance to lower interest rates could risk unnecessary damage to the labor market.

Fed Governors Christopher Waller and Michelle Bowman again sounded the alarm on Friday that the labor market is weaker than it appears. They warned that waiting to cut interest rates could put employment at further risk of deterioration.

Two Federal Reserve governors who favored an interest rate cut at the U.S. central bank's policy meeting this week said on Friday they did so largely due to rising concerns about the job market, in statements made public right before the release of hiring data that bolstered their position.

WASHINGTON (AP) — President Donald Trump on Friday called for the Federal Reserve’s board of governors to usurp the power of Fed Chair Jerome Powell, criticizing the head of the U.S. central bank for not cutting short-term interest rates.