The Federal Reserve is expected to hold interest rates steady on Wednesday despite intense pressure from President Trump to cut borrowing costs.

Investors are almost certain the central bank will keep its benchmark rate between 4.25% and 4.5%, according to the CME Group's tracking of futures markets. But investors are optimistic that a rate cut could be in store at the Fed's next meeting, in September.

Trump has repeatedly criticized Federal Reserve Chair Jerome Powell and his colleagues for not moving more aggressively to lower rates, even assigning the nickname "Too Late" to Powell . The White House has also complained about cost overruns on the $2.5 billion renovation of two Fed office buildings in Washington. Last week, Trump and Powell sparred verbally during a tour of the p

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