If the famously data-dependent Federal Reserve Chair Jerome Powell shifts gears and takes a gloomier view of the job market, that could open the door for a rate cut at the Fed’s next meeting in September.

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

The bond market appears more prepared for Federal Reserve Chair Jerome Powell to potentially signal on Friday at the annual Jackson Hole Economic Policy Symposium in Wyo. that he may not be in a rush to cut interest rates next month,