Fed Is Set for Contentious Debate as Investors Eye Fall Rate Cut

Federal Reserve officials are determined to hold interest rates steady a little while longer, though an increasingly contentious debate at this week’s policy meeting may bolster expectations for rate cuts in the fall.

Fed Chair Jerome Powell is under intense pressure from President Donald Trump and his allies to reduce borrowing costs, and may face multiple dissents this week from officials who want to provide support to a slowing labor market.

But the US central bank is widely expected to leave its benchmark rate unchanged at the conclusion of its two-day meeting on July 30 as policymakers await more data ...