Powell delivered the guidance in a highly anticipated speech on Friday at the central bank's annual symposium in Jackson Hole, WY.

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

Wall Street on Friday notched its best day since late May, sparked by Federal Reserve interest rate cut expectations. Fed chair Jerome Powell at the Jackson Hole Economic Policy Symposium did not fully commit to cutting rates but did note that the downside risks to the labor market were increasing and that the "baseline outlook and the shifting

The president's latest attack comes as Powell is scheduled to deliver remarks at the Fed's annual conference in Jackson Hole, WY, on Friday.

Fed Chair Jerome Powell outlined the central bank's renewed focus on the labor market in the months ahead, which has big implications for interest rates this year and beyond.

Wall Street rallied on Friday morning after Federal Reserve Chair Jerome Powell's signaled a rate cut could be on the horizon.