Officials are split into three camps over what economic evidence they need before resuming rate reductions. Two governors are prepared to dissent on Wednesday.

As the Fed prepares for its July policy meeting, markets, households, and politicians await a pivotal interest rate decision with nationwide impact.

The U.S. central bank, to President Donald Trump's chagrin, will likely leave interest rates unchanged at a policy meeting this week, but that's not to say there won't be a vigorous debate, with one if not two Federal Reserve governors possibly casting a rare dissent in support of lower borrowing costs.