Despite pressure from the White House, Powell is widely expected to hold interest rates steady, according to the CME FedWatch Tool, a measure of market sentiment. The central bank's benchmark interest rate currently stands at an elevated level of between 4.25% and 4.5%.

The Federal Reserve has yet to move interest rates in 2025 as the central bank continues its “wait-and-see” approach in the aftermath of President Donald Trump’s tariffs. After Wednesday’s meeting, the central bank announced it would keep the federal funds rate,