Last month, the Fed left rates unchanged at 4.25%-4.50% for the fourth straight meeting and forecast two 25-basis-point rate cuts for the year.

Federal Reserve Chair Jerome Powell said on Tuesday he would not rule out a potential interest rate cut as soon as this month. The remarks come amid a public pressure campaign from President Donald Trump, who has repeatedly urged Powell to slash interest rates.

President Trump says Fed rate cuts would save the government as much as $900 billion a year in interest payments on its debt. Is that fight?