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Japan Declines Comment on BOJ’s Absence From Global Support Statement for Fed Chair Powell. Source: Asturio Cantabrio, CC BY-SA 4.0, via Wikimedia Commons 
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After its July session, the Federal Reserve is expected to keep the federal funds rate unchanged at 4. 25%–4. 50%, marking the fifth straight hold amid growing pressure—from President Trump's demands for strong easing to at least two Trump-appointed governors protesting for a 25-basis-point reduction. The FOMC still believes that as it assesses incoming information, a pause in policy most effectively balances hazards.
Still higher than the Fed's 2% objective, June inflation statistics—headline CPI at 2. 7% and core CPI at 2. 9%—limit room for immediate rate easing. Economic data provide a mixed bag: growth is slowing, unemployment is rising somewhat, and consumer expenditure is softening. While some politicians quote these trends to support preemptive easing, the majority still wants to see more definite indications of ongoing cooling.
Financial markets have turned their attention to the September FOMC meeting, where a 25-basis-point cut is now priced in at around 65%, with July action almost certainly to be a hold. As the Fed's independence and data-driven structure come under extreme political and economic examination, investors and world lawmakers will pore over the post-meeting statement and Chair Powell's news conference for any suggestions of fresh guidance.
