The Federal Reserve is expected to keep interest rates steady despite Trump’s pressure. GDP grew by 3% in Q2. Two Fed governors may dissent for a rate cut. Powell could signal a cut in September. Trump criticizes Fed’s $2.5 billion renovation. Powell defends tariffs’ impact on inflation. Inflation remains above target. Waller believes tariffs won’t affect employment. Bowman sees minimal impact on inflation and downside risks to employment. Bowman’s views on a rate cut have shifted. Dissent among governors at a meeting hasn’t happened since 1993. The Federal Reserve saw 16 dissents, with 14 from regional bank presidents and 2 from Fed governors. In July 2019, a double-dissent occurred when the Powell-led Fed cut rates due to uncertainties from Trump’s tariffs. Esther George and Eric Rosengren dissented, believing rates should have stayed unchanged. Despite dissents, Powell is expected to defend the Fed’s patient stance in 2025. Former Fed Vice Chair Lael Brainard will speak at Yahoo Finance Invest on November 12-13 to discuss success in 2026.

Read more at Yahoo Finance: A divided Fed is expected to hold rates steady, defying Trump’s calls for a cut