The Fed is maintaining its benchmark interest rate in the range of 4.25% to 4.5%, where it's been parked since December.

The Federal Reserve will release its interest rates decision Wednesday, but it's unlikely to cut rates. Trump has lobbied against Fed Chair Jerome Powell.

Inflation has fallen sharply and as a result Fed officials have signaled they will cut rates by as much as a half-percentage point this year. Yet it has picked up a bit in the last two months and many of those policymakers, including Powell, still want to make sure that tariffs aren’t going to lift inflation much higher before they make a move.