Fed officials maintain a cautious stance on rate cuts amid trade-related inflation risks and market volatility.

Donald Trump has attacked the head of the US central bank for not cutting interest rates, stating that Jerome Powell's "termination cannot come fast enough!". The US president took to social media to renew his criticism of Powell ahead of the third interest rate cut this year by European Central Bank (ECB).

The ECB is expected to cut rates for the seventh time in a year as policymakers look to prop up a struggling economy that will take a further hit from US tariffs.