Some Fed watchers are looking at the September FOMC meeting for the next rate cut, pending the outcome of tariff inflation and the unemployment rate. A 12-0 vote to hold interest rates steady would be a powerful signal of a strong conviction among the members of the FOMC.

As the Fed prepares for its July policy meeting, markets, households, and politicians await a pivotal interest rate decision with nationwide impact.

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.