In his stinging monthslong campaign to badger Federal Reserve Chair Jerome Powell into lowering interest rates, President Donald Trump has relied on a variety of arguments. He's pointed to the European Central Bank's two percentage points of rate cuts and a report showing weakening private-sector job growth.

Last month, the Fed left rates unchanged at 4.25%-4.50% for the fourth straight meeting and forecast two 25-basis-point rate cuts for the year.

Federal Reserve Chair Jerome Powell said on Tuesday he would not rule out a potential interest rate cut as soon as this month. The remarks come amid a public pressure campaign from President Donald Trump, who has repeatedly urged Powell to slash interest rates.