"What we're hoping is that when we hear from Fed officials, in the wake of the escalation of the trade war, in the wake of the inversion of the yield curve, that they will seem more open to lowering interest rates, but that may not be the case", Girard said.
The Fed has been under unusual and sustained public criticism from Mr. Trump, who called on Mr. Powell to cut rates more aggressively on Wednesday morning, for the third consecutive day. Borrowing rates are already historically low.
Those risks are expected to persist, and the "continued weakness in global economic growth and ongoing trade tensions had the potential to slow United States economic activity", according to the minutes of the Fed's July 30-31 policy meeting. Supporting that belief, Reuters reported earlier Trump and his advisers are examining ways to provide a boost to the US economy should it be deemed necessary. The bond markets flashed a recession warning last week when the yield on 10-year Treasury bonds briefly fell below the yield on 2-year Treasurys. With so much riding on the Fed, investors were understandably anxious.
The US market has been volatile this month as investors try to parse conflicting signals on the US economy and determine whether a recession is on the horizon.
Minneapolis Federal Reserve Bank President Neel Kashkari, who does not have a vote on the Fed's monetary policy committee this year but participates in policy discussions, urged the Fed on Wednesday to use pledges about future policy, known in central banking as "forward guidance", to boost the economy.
"Doing great with China and other Trade Deals", the president tweeted.
Multiple rate cuts are exactly what Trump has demanded of Powell's Fed, publicly and vociferously, for months.
After four rate increases past year - the last one in December - the Fed has been under relentless pressure from Trump to stimulate the economy by reversing course and slashing rates.
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Many economists say the country is not in a recession but agree that the economy is growing more slowly as business investments decline, the manufacturing industry struggles and stock markets react to uncertainty over trade policy. While some officials believed weaker growth overseas and trade tensions between the USA and other countries would push the Fed farther away from reaching its 2% target, many others weren't as concerned, the minutes said. It is not a solicitation to make any exchange in commodities, securities or other financial instruments.
Mr. Trump on Tuesday said he has considered a temporary cut of payroll taxes and cutting capital gains taxes.
As President Donald Trump battles with the Federal Reserve, he has alternatingly praised and punched at the strength of the U.S dollar.
As for the Fed, it is widely expected to cut interest rates by a quarter point in September.
The Fed's account doesn't mention Mr. Trump directly.
Thursday brings the Bank Indonesia rate decision and press conference with Governor Perry Warjiyo. Trump also asked the Fed to introduce more "quantitative easing", a measure Fed officials take to pump more money into the economy and lower rates by purchasing more bonds.
The minutes show the policymakers decided on the rate cut as a precaution against an economic downturn. Officials have to balance their directive to prop up the labor market and control inflation while protecting the independence of the agency.
Central bankers from around the world will converge on Jackson Hole, Wyoming later this week for the annual Jackson Hole Symposium.