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

Powell spoke at the influential Jackson Hole Economic Symposium for likely the last time as Fed chairman. His term expires May 2026. The invitation-only gathering brings together global financial leaders to discuss, debate and plan for the world’s economic future.

The Federal Reserve’s annual conference, hosted by the Kansas City Fed in Jackson Hole, Wyoming, began Thursday evening with a dinner for the central bankers, economists and journalists who have flown in from around the world.