Despite President Trump ramping up pressure on Federal Reserve Chair Jerome Powell to cut interest rates, the Fed held rates steady at 4.25% to 4.5% on Wednesday, July 30. Trump has been insistent on a major cut all the way down to 1%.

The Federal Reserve will release its interest rates decision Wednesday, but it's unlikely to cut rates. Trump has lobbied against Fed Chair Jerome Powell.

The central bank has defied Trump's public criticism for months, adopting a wait-and-see approach as central bankers observe the effects of tariffs.