Trump has repeatedly put pressure on Powell to cut interest rates. The Fed has so far kept rates on hold this year after lowering them three times in 2024.

The dollar languished near its lowest level in three years on Tuesday as President Donald Trump's unrelenting attacks on the Federal Reserve chairman further eroded investor confidence in the U.S. economy.

The president amps up attack against US central bank boss calling him "a major loser" for not lowering interest rates.