In his stinging monthslong campaign to badger Federal Reserve Chair Jerome Powell into lowering interest rates, President Donald Trump has relied on a variety of arguments. He's pointed to the European Central Bank's two percentage points of rate cuts and a report showing weakening private-sector job growth.

The Federal Reserve has room to cut interest rates as elevated uncertainty and the impact of tariffs ripple across the economy, said Anne Walsh, chief investment officer of Guggenheim Partners Investment Management.

Federal Reserve Chair Jerome Powell said on Tuesday he would not rule out a potential interest rate cut as soon as this month. The remarks come amid a public pressure campaign from President Donald Trump, who has repeatedly urged Powell to slash interest rates.