The Fed is widely expected by investors and economists to stand pat at the conclusion of its July meeting on Wednesday, but there are growing indications it could start making cuts later this

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

Trump has been less than subtle in urging the Fed to cut the rates it controls. Powell, in what has been a rare pushback against Trump among federal policymakers, insists it’s still too early to cut rates.