The job market is on such shaky ground that the Federal Reserve may soon need to cut interest rates to support the economy, Fed Chair Jerome Powell said Friday at a key central banking forum.

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

U.S. stocks are ticking higher on Friday ahead of a highly anticipated speech about where U.S. interest rates may be heading.

So many Federal Reserve officials have said they are waiting for data over the next few weeks before deciding on a September rate cut that it doesn't leave Fed Chair Jerome Powell much room to clearly signal a rate cut,