President Donald Trump is calling on a Federal Reserve governor to resign over an accusation of mortgage fraud.

Federal Reserve Chair Jerome Powell on Friday said the central bank faces a "challenging situation" as a hiring slowdown coincides with tariff-driven price increases, putting pressure on both sides of the Fed's dual mission to maximize employment and control inflation.

Jerome Powell, the Federal Reserve chair, is managing a high-stakes balancing act as he grapples with a cooling labor market, rising inflation and White House pressure to cut interest rates.

Federal Housing Finance Agency Director Bill Pulte accused Cook of mortgage fraud this week, alleging she claimed two properties as her primary address.

Bill Pulte, director of the agency that oversees mortgage giants Fannie Mae and Freddie Mac, urged the Justice Department to investigate Federal Reserve governor Lisa Cook.

Cook, the first Black woman to serve on the Fed board, said she had "no intention of being bullied to step down" after Trump called for her resignation.

President Donald Trump is calling on a Federal Reserve governor to resign over an accusation of mortgage fraud

Fed Chair Jerome Powell says a slowing job market may prompt the Fed to cut interest rates, though inflation risks remain above the central bank’s 2% target.