For months, Jerome Powell largely ignored President Donald Trump’s constant hectoring that he reduce borrowing costs. On Friday, he changed course, saying the Fed could lower interest rates as soon as its next meeting in September.

Jerome H. Powell said the “balance of risks” across the economy had started to shift, raising the odds the central bank lowers borrowing costs at its next meeting in September.

Federal Reserve Chair Jerome Powell on Friday opened the door ever so slightly to lowering a key interest rate in the coming months but gave no hint on the timing of a move and suggested the central b