Barbara Doran, BD8 Capital Partners, and Charlie Bobrinskoy, Ariel Investments vice chairman, joins 'Closing Bell Overtime' to talk the day's market action.

The right to freedom of speech allows Trump to make demands of the Fed to his heart's content. But legally, he cannot compel the central bank to lower its benchmark interest rate. The Fed has the right to act independently, and its aim is to promote a healthy and stable economy by keeping inflation in check.

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The U.S. economy added 147,000 jobs in June, beating analyst expectations, the Bureau of Labor Statistics reported.

Richard Clarida, former Federal Reserve Vice Chairman and current global economic advisor at PIMCO, joins CNBC's "Closing Bell" to discuss when the Federal Reserve may cut interest rates, economic outlook and more.

Some investors have staked out positions in futures markets that will profit if interest rates drop immediately after Jerome Powell’s term as chair ends

Fed officials are increasingly split on rate cuts, though UBS’s Paul Donovan says their indecision currently amounts to little more than “masterful inactivity.”

The Fed’s median target rate is still well above the annual pace of consumer inflation. The odds are low that Fed will cut rates at the upcoming July 30 policy announcement. Read more here.