"Partly reflecting the Governing Council's past interest rate cuts, the economy has so far proven resilient overall in a challenging global environment," the ECB said in a press release. "At the same time, the environment remains exceptionally uncertain, especially because of trade disputes."

Trump is the first president to visit the Fed since President George W. Bush attended the swearing-in ceremony of Fed Chair Ben Bernanke in 2006. That ceremony marked only the third visit of a president to the Fed, Bernanke noted in his remarks on the day.

Aside from interest rates, the president and Powell are also not on the same page about the Federal Reserve renovation costs and inflation.

Longer-term interest rates do not always decrease when the Fed cuts short-term rates. Following the Fed's cuts last year, 10-year bond yields increased, hitting a high of 4.8% in January, according to Open Markets. Mortgages are closely linked to the 10-year U.S. Treasury yield.

The European Central Bank is leaving interest rates unchanged as it waits to see the impact of U.S. President Donald Trump’s tariffs on the economy before deciding whether to cut rates again

The average rate on 30-year fixed home loans registered 6.74% for the week ending July 24, barely down from 6.75% last week.

Commerce Secretary Howard Lutnick discusses how President Donald Trump and Federal Reserve Chair Jerome Powell’s sparred over renovation costs for the ‘Fed Mahal’ on ‘The Ingraham Angle.’

The Federal Reserve got a new legal headache Thursday when a money manager sued Chair Jerome Powell and other central bank policymakers in a Washington, D.C. federal court, arguing policy meetings should no longer be held behind closed doors.