The Federal Reserve is expected to leave interest rates unchanged on Wednesday, six days after President Donald Trump again demanded that the U.S. central bank cut borrowing costs during a rare presidential visit to its headquarters in Washington.

The central bank has defied Trump’s public criticism for months. The Fed has held interest rates steady for seven consecutive months, taking a wait-and-see approach as it voices concern about a possible burst of inflation as a result of Trump's tariff policy.

The Federal Reserve kicks off its July meeting on Tuesday, with Fed Chair Jerome Powell set to speak on Wednesday and deliver the central bank's latest interest rate decision. Markets are largely expecting the Fed to hold rates steady,