Federal Reserve is likely to hold interest rates steady this week. Here's what that means for your money

Political pressure is mounting against the Federal Reserve Chair Jerome Powell, and yet the Federal Reserve is expected to hold interest rates steady at the end of its two-day meeting this week.

Despite a wave of recent attacks on Powell from President Donald Trump, futures market pricing is implying virtually no chance of an interest rate cut, according to the CME Group’s FedWatch gauge.

The president has argued that maintaining a fed funds rate that is too high makes it harder for businesses and consumers to borrow, adding more strain to the U.S. economy. The federal funds rate sets what banks charge each other for overnight lending, but also affects many of the borrowing and savings rates most Americans see every day.

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