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 Federal Reserve will announce its interest rate decision next week, and while Trump seems to expect a rate cut, the market is indicating there is almost no chance of it.

A new report shows inflation has picked up and analysts believe the prices of many goods increased, in part, because of President Trump’s tariffs. It will play into decisions by the Federal Reserve about when and whether to cut interest rates and comes as the president and his team have ramped up their pressure campaign on Fed Chair Jerome Powell.