The Fed chief cannot be removed over disputes about interest rate decisions. Powell, who was appointed to a second term in the top Fed job by former President Joe Biden, has said he intends to continue leading the central bank until his term expires next May.

US Fed Chair Jerome Powell has hinted at a rate cut next month, citing the sluggish labour market. In a highly-anticipated speech to central bank governors in Jackson Hole, Wyoming, he also noted that inflation remains a threat and that a decision isn't set in stone.