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

Jerome Powell just concluded his much-anticipated speech at the Jackson Hole economic conference, and the reactions are strong. Holding a very nuanced approach, as we're used to from Powell, markets still interpreted some of his wording as a slightly dovish opening.

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