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

Wall Street will be listening closely to Federal Reserve Chair Jerome Powell's speech Friday at the Jackson Hole economic policy summit, where he could signal whether the central bank is ready to cut borrowing costs at its next meeting in September.

Crypto and related stocks are sliding as traders brace for the July FOMC meeting minutes and Jerome Powell’s Jackson Hole speech, fearing a hawkish Fed stance.