Key TakeawaysPresident Donald Trump demanded the Federal Reserve lower its benchmark interest rate by an entire percentage point.The Fed, which operates independently of White House control, has resisted Trump's call to lower interest rates.

An increase in the number of U.S. jobs that was higher than expected makes it unlikely that the Federal Reserve will cut interest rates soon.

The president has repeatedly berated Powell for not cutting rates as he desires. The two men met face-to-face for the first time last week.