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

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.

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President Donald Trump visited the Federal Reserve on Thursday, repeating calls for lower interest rates while standing alongside Fed Chair Jerome Powell. Even after reiterating his frustration with the central bank, Trump called the notion of firing Powell a "big move" that would not be "necessary."

Aside from interest rates, the president and Powell are also not on the same page about the Federal Reserve renovation costs and inflation.

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.