Federal Reserve Chair Jerome Powell has been under pressure from President Trump to lower the central bank's benchmark interest rate.

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

The Dow logged 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.

Federal Reserve Chair Jerome Powell warned that the tariffs unleashed by U.S. President Donald Trump are pushing consumer prices higher and would continue to do so over the coming months.

Fed Chair Powell hints at possible rate cuts in September, signaling a policy shift. Click here to read what investors need to know.

Federal Reserve Chair Jerome Powell on Friday announced an updated operating framework more oriented toward traditional efforts of promoting price stability, supplanting what had been a troubled effort that biased central bank policy toward its job mandate over its inflation target.

Yields on U.S. money-market funds have been easing back this year in anticipation of the Federal Reserve resuming rate cuts, with yields last spotted around 4%, according to BofA Global rates researchers.