SINATRA, Portugal–Federal Reserve Chair Jerome Powell said he is not ruling out a potential cut in interest rates when the Federal Open Markets Committee meets this month.

Powell’s comments, which come at the same time President Trump has been very critical of the Fed for not reducing rates, came as part of a panel discussion at the European Central Bank forum in Sinatra, Portugal.

“I wouldn’t take anything off the table or put anything on the table. It depends on how the data evolve,” Powell said in response to a question. 

Asked about Trump’s criticisms, Powell replied, “I’m very focused on just doing my job,” which drew applause from the audience, according to ABC News.

‘100% Focused’

Powell repeated his position that the central bank remains “100% focused” on its dual mandate of controlling inflation and delivering maximum employment.

When the Fed met in June it opted not to change rates, indicating it was waiting to see how Trump’s tariffs play out in the economy. It has been six months since the Fed last adjusted rates downward.

The Fed will next meet on July 29-30.