July 30 (UPI) -- The United States Federal Reserve will release its interest rates decision Wednesday, but it's unlikely to cut rates, economists say.
The economy is mostly unchanged since last month, and the effects of President Donald Trump's tariffs are just beginning to take effect. So the Federal Open Market Committee is likely to stay the course until September.
Trump has waged a verbal war against Fed Chair Jerome Powell, demanding that he lower interest rates or resign. Trump has even suggested he might fire Powell, whose term on the FOMC ends in May 2026.
"They're not going to get anything if they ease, other than they'll look like they're knuckling under to the president," Bill English, the Fed's former head of monetary affairs and now a professor at the Yale School of Management, told CNBC. "So I think their best policy for sure is just to look at the data, make their best judgment, make their policy decision and explain it as well as they can."
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