The job market is on such shaky ground that the Federal Reserve may soon need to cut interest rates to support the economy, Fed Chair Jerome Powell said Friday at a key central banking forum.

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

Jerome Powell said the labor market might be softening enough to rein in inflation that is being pushed up by tariffs .

So many Federal Reserve officials have said they are waiting for data over the next few weeks before deciding on a September rate cut that it doesn't leave Fed Chair Jerome Powell much room to clearly signal a rate cut,

Wall Street rallied to its best day in months on Friday after the head of the Federal Reserve hinted that cuts to interest rates may be on the way, along with the kick they can give the economy