Federal Reserve officials are split on whether to slash interest rates as President Donald Trump favors rate cuts based on his claim that the nation’s economy is thriving.

The consensus view is that the Fed will hold interest rates steady in its July meeting; however, there seems to be a push for a signal cut of .25% among economists, and even some Fed board members. We will be watching whether the July hold is unanimous, or if one or two members dissent.

On Wednesday, Federal Reserve Chairman Jerome Powell will announce the bank's interest rate decision. But what is the Federal Reserve and what is its function in shaping U.S. monetary policy?

The Federal Reserve is set to announce its decision on interest rates tomorrow, which could impact borrowing costs. Despite President Donald Trump’s calls for a significant rate cut, 96% of economists polled believe the Fed will not lower rates.

Federal Reserve governor Adriana Kugler will not attend this week's meeting of the central bank's interest-rate committee, a Fed spokesperson said. Kugler will be absent due to a personal matter, the spokesperson said,

Sen. Rand Paul, R-Ky., discusses the Maryland I.C.E. sit-ins for protest and Federal Reserve policy on 'America Reports.'

Experts predict the Fed won't start cutting rates until the fall at the earliest. That means we're not likely to see mortgage rates drop below 6.5% for a while.

A federal judge on Monday denied a request by a Donald Trump ally to force the Federal Reserve committee responsible for directing US monetary policy to make its meetings publicly accessible and accused an investment firm of wasting the court’s time.