President Trump clashed with Federal Reserve Chair Jerome Powell as more lawmakers weigh in on a need for an interest rate cut. CBS News' Kelly O'Grady reports.

Airline sector shows resilience with strong demand and positive earnings, indicating robust consumer and corporate spending despite earlier geopolitical concerns. Netflix reporting after close, remains a streaming leader, but valuation concerns persist; overall, stocks continue mild melt-up with benign retail and jobless data supporting stability.

Federal Reserve officials are determined to hold interest rates steady a little while longer, though an increasingly contentious debate at this week’s policy meeting may bolster expectations for rate cuts in the fall.

Market reactions to potential rate cuts are often positive in the short run, though the optimism can fade quickly if inflation increases, CNBC highlights from interviews with financial analysts. Higgins emphasizes that the pattern of premature cuts followed by renewed hikes could stoke volatility.

Speaking to reporters at the start of his tour, Trump said that the administration was "taking a look at what's happening" at the Fed's $2.7bn (£1.8bn) renovation. "It looks like it's about $3.1bn," Trump said, as Powell shook his head.

An escalating debate within the Federal Reserve about the case for interest rate cuts is not going to be settled by a new inflation reading that offered ammunition for both hawks and doves.

U.S. President Donald Trump said on Tuesday that interest rates in the country should be lowered by at least two to three percentage points, ahead of Federal Reserve Chair Jerome Powell's ...