Chair Jerome Powell said the Federal Reserve’s ability to set interest rates free of political interference is necessary for it to make decisions to serve “all Americans” rather than a political party or political outcome.

Inflation in the United States cooled in June for a third straight month, a sign that the worst price spike in four decades is steadily fading and may soon usher in interest rate cuts by the Federal Reserve.

Stocks closed higher on Wall Street, notching sizable weekly gains for major indexes.

"A recession is not, in my judgment, right around the corner," Daly told CNN's Poppy Harlow in a Boss Files interview this week. Although Daly said the Fed is "mindful of the slowdown," she believes the recovery from the Great Recession will endure. Recession fears spiked in recent months when the US-China trade war erupted again. Critics and academic researchers argue that negative interest rates are backfiring in Europe and Japan because they crush bank profitability. Jerome Powell, the chairman of the Federal Reserve, said in September that he doesn't think the Fed would resort to negative interest rates.