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

Jerome H. Powell said the “balance of risks” across the economy had started to shift, raising the odds the central bank lowers borrowing costs at its next meeting in September.

For months, Jerome Powell largely ignored President Donald Trump’s constant hectoring that he reduce borrowing costs. On Friday, he changed course, saying the Fed could lower interest rates as soon as its next meeting in September.