Jerome Powell

The Fed chairman delivers his semiannual Monetary Policy Report at 10 a.m. on Wednesday before the House Financial Services Committee.

“I will say that unequivocally, at the present time, yes he is safe,” Kudlow said.

Trump has repeatedly expressed his desire for the central bank’s chairman, Jerome Powell, to lower rates.

The president has repeatedly urged the U.S. central bank to lower the benchmark federal funds rate.

The jobs report, published by the Bureau of Labor Statistics, boasted 224,000 jobs created last month, far above the 160,000 predicted by analysts,

Chairman Powell's decision to raise interest rates in December outraged Trump.

Lawmakers are asking Facebook to halt work on the offering, while the Federal Reserve is "looking at it carefully."

Powell’s speech comes on the heels of last week’s Federal Open Market Committee two-day policy-setting meeting.

Traders think a rate cut could happen as early as July.

On Tuesday, the social media giant unveiled details about Libra, a new cryptocurrency powered by blockchain.

“I think the law is clear that I have a four-year term, and I fully intend to serve it,” Powell told reporters. 

Despite Powell's comments, traders currently are pricing in a 100 percent chance of a rate cut during the FOMC's July meeting. 

Most economists anticipate the U.S. central bank will keep the benchmark federal funds rate at 2.25 percent to 2.5 percent.

Larry Kudlow declined to comment whether the White House had ever considered demoting Powell.

Earlier in the day, Draghi said the ECB was ready to cut interest rates, if the economy needed it.

It was the smallest increase in inflation since January.