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Speaking in Mexico City, Bank of Canada's Tiff Macklem previewed some of the issues being considered in the coming review of the central bank’s monetary policy framework.  

A measure of Americans’ short-term expectations for income, business conditions and the job market fell 1.2 points to 74.8, remaining below 80, the marker that can signal a recession ahead.

Following Powell’s remarks investors boosted bets that the Federal Open Market Committee would cut rates at their Sept. 16-17 meeting.

Officials acknowledged worries over higher inflation and weaker employment, but “a majority of participants judged the upside risk to inflation as the greater of these two risks."

Trump in a social media post on Aug. 12 resumed his criticism of the Fed chair over the central bank’s decision to hold interest rates steady and again hammered Powell over the renovation work.

The core consumer price index, excluding the often volatile food and energy categories, increased 0.3% from June, according to Bureau of Labor Statistics data out Aug. 12.

Prices rose 2.6% in June compared with a year ago, the Commerce Department said July 31, up from an annual pace of 2.4% in May.

The pair spoke to reporters while overseeing restoration work being done at the Fed's headquarters, with the president and the central bank leader almost immediately arguing over its cost.

Policymakers pointed to “considerable uncertainty” about the timing, size and duration of the tariffs’ potential effects on inflation, the minutes showed.

“Then he should resign immediately,” Trump said when asked about the allegations that Powell mischaracterized details about renovations at the Fed’s headquarters.