Will interest rates stay high and what is Trump’s opinion on this?

The Federal Reserve is expected to keep interest rates unchanged on Wednesday amid internal divisions over the direction of monetary policy as President Trump and other White House officials ramp up pressure on the central bank.

Trump added to that pressure Wednesday morning after the release of economic data showing that gross domestic product grew at an annualized rate of 3% in the second quarter.

“Too late,” “WE MUST LOWER INTEREST RATES NOW,” Trump said in a post on Truth Social, again using the nickname he gave Federal Reserve Chairman Jerome Powell this year.

Investors will be watching today to see if two Federal Reserve governors will agree with Trump and decide to disagree with the central bank’s decision on monetary policy, which would be the first time in more than three decades that this has happened. Federal Reserve Governors Christopher Waller and Michelle Bowman have publicly called for a cut in today’s meeting.

Michael Feroli, chief economist at JPMorgan, said he expected Waller to dissent while Bowman is closer to the choice, but “we suspect she joins him and dissents with a vote.”

Powell has defended the $2.5 billion renovation project while insisting for months that more time is needed to assess how the president’s tariffs will affect the inflation trajectory.

Many of his fellow politicians agree with this position, noting that inflation remains above target, inflation risks are still evident, and the labor market is close to full employment.

Waller, on the other hand, has openly stated since the last Fed meeting in June his belief that tariffs offer one-time price increases, allowing the Fed to “review” them and refocus on the employment side in its dual mandate.