Inflation has fallen sharply and as a result Fed officials have signaled they will cut rates by as much as a half-percentage point this year. Yet it has picked up a bit in the last two months and many of those policymakers, including Powell, still want to make sure that tariffs aren’t going to lift inflation much higher before they make a move.

The Federal Reserve is expected to leave its short-term interest rate unchanged July 30 for the fifth straight meeting, a move that will likely underscore the deep chasm

Federal Reserve is likely to leave key interest unchanged and avoid hints on whether a September cut is likely amid tariff uncertainty, Trump pressure