Jerome H. Powell, whose term does not expire until May, has argued that the central bank can afford to be patient about cutting interest rates amid uncertainty about the economic outlook.

Trump has been highly critical of Fed chair Powell for not cutting rates. Some see Trump's pressure campaign against the central bank chief as futile.

Federal Reserve Chair Jerome Powell mostly breezed through two hearings on Capitol Hill this week but now heads into a much bigger challenge: a potential threat that President Donald Trump could under