The Fed stays focused on inflation and employment, with no rate cuts expected soon. Check out my analysis on Fed policy and where interest rates may be headed.

Republican lawmakers on Tuesday may chime in with criticism if Fed Chair Jerome Powell affirms a “wait-and-see” monetary policy approach in testimony to a House committee.

Fed officials are still clinging to a median forecast of two rate cuts this year, but McBride noted that more Federal Open Market Committee participants now see no rate cuts coming. Trump has pressured Fed chair Jerome Powell to lower rates.