The Federal Reserve's meeting this week is expected to face heated debate with two members possibly casting dissenting votes.

Federal Reserve officials are determined to maintain interest rates stable in the short term, but debates are expected to be more intense at this week's policy meeting, possibly strengthening expectations for a rate cut in the fall. Federal Reserve Chairman Powell, who has been pressured by President Trump and his allies to cut rates, may also face opposition from several officials this week who hope to provide support for the slowing labor market. However, the market widely expects the Fed to keep the benchmark interest rate unchanged at the end of the two-day meeting this week, as policymakers are still waiting for more data to evaluate the impact of tariffs on consumer prices. Federal Reserve officials will issue a statement in Washington at 2 p.m. local time on Wednesday, with Powell holding a press conference 30 minutes later. Interest rate futures markets show that investors are betting that the Fed is likely to cut rates at the next meeting in September, and Fed observers will be watching for any news that helps confirm this view. Many analysts believe that Fed governors Christopher Waller and Vice Chair for Supervision Michelle Bowman may raise objections. These two officials appointed by Trump are both concerned that rates are somewhat too high given rising employment risks.