Washington (CNN Business) Federal Reserve chairman Jerome Powell on Friday acknowledged that the economy has grown more turbulent in the three weeks since the Fed cut rates for the first time in a decade -- but stopped short of giving any indication about what might be coming at the next rate-setting meeting in September.

"We are carefully watching developments as we assess their implications for the US outlook and the path of monetary policy," Powell said according to prepared remarks released ahead of an address at an annual economic symposium in Jackson Hole, Wyoming.

while noting "significant risks" from a global slowdown and trade uncertainty. He reinforced his pledge that policymakers will continue to take "appropriate" steps to support the US economy's longest running expansion amid signs of a slowdown while noting "significant risks" from a global slowdown and trade uncertainty.

Powell's highly anticipated remarks comes as Trump has dialed up his demands for the Fed to aggressively cut rates to shore up the US economy amid recession fears that could hurt his prospects of a re-election in 2020.

"As usual, the Fed did NOTHING! It is incredible that they can "speak" without knowing or asking what I am doing, which will be announced shortly. We have a very strong dollar and a very weak Fed," Trump tweeted 40 minutes after Powell took the stage at the economic conference in the tiny resort town.

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