The Federal Open Market Committee will meet on Tuesday and Wednesday before announcing the federal-funds rate target range, which has sat at 4.25% to 4.5% since December. The decision will go public at 2 p.m. Eastern time on Wednesday, and Fed Chair Jerome Powell will address the media at 2:30 p.m.

The Fed’s decision on interest rates affects many types of consumer borrowing costs, from credit cards and mortgages to auto loans.

The Fed has held its benchmark interest rate between 4.25% and 4.5% this year, though officials have penciled in two cuts by year-end.

The average rate on 30-year fixed home loans registered 6.74% for the week ending July 24, barely down from 6.75% last week.

President Trump said he sees Federal Reserve Chair Jerome Powell recommending that the central bank lower interest rates after meeting with him Thursday. "I think we had a very good meeting on interest rates.

Commerce Secretary Howard Lutnick discusses how President Donald Trump and Federal Reserve Chair Jerome Powell’s sparred over renovation costs for the ‘Fed Mahal’ on ‘The Ingraham Angle.’

Mitch Roschelle, financial analyst and CEO of M2 Communities, joins "On Balance" following President Trump's visit to the Federal Reserve.

The European Central Bank is leaving interest rates unchanged as it waits to see the impact of U.S. President Donald Trump’s tariffs on the economy before deciding whether to cut rates again