The Trump administration has pressured Powell, whose term as Fed chair expires next year, to step down as chair of the central bank.

Stocks soared on Friday after Federal Reserve Chair Jerome Powell signaled the central bank may be ready to resume cutting interest rates at its next policy meeting in September.

Federal Reserve Chair Jerome Powell didn't "promise" to cut interest rates in September and may not adjust rates if there are dramatic surprises in the data in the coming weeks, said former Boston Fed President Eric Rosengren.

Federal Reserve Chair Jerome Powell delivers a high-profile address at the annual Jackson Hole Economic Policy Symposium.

"HELOC interest rates are generally structured as prime plus a margin," Debbie Calixto, sales manager at mortgage lender loanDepot, says. The federal funds rate influences the prime rate, while the margin reflects an additional percentage based on your credit score and loan details.

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The highest money market account rate available today is 4.35% Changes from the Fed or your bank can quickly change money market rates Online banks typically offer the most competitive yields on the market Current Money Market Rates As of today,

The European Central Bank is likely to keep interest rates on hold next month but discussions about further cuts may well resume in the autumn if the economy weakens, five sources told Reuters.