More jobs, more spending and continued uncertainty about tariffs. Here's how that could impact the Fed's interest rate decision this week.

The U.S. central bank, to President Donald Trump's chagrin, will likely leave interest rates unchanged at a policy meeting this week, but that's not to say there won't be a vigorous debate, with one if not two Federal Reserve governors possibly casting a rare dissent in support of lower borrowing costs.

As of Tuesday afternoon, traders on the prediction market platform Kalshi put the chance of the Fed holding firm at 97%.

Jerome Powell has been President Trump’s No. 1 target as Trump demands lower interest rates, but other policymakers are also part of each rate decision.

The Federal Reserve, by not cutting interest rates, is risking the creation of a deflationary downturn called a Kindleberger Spiral, a leading bond manager says.

It meets July 29-30 to vote whether to cut interest rates for the first time this year. Many economists and market analysts expect the FOMC to hold interest rates steady. But expectations are growing that the next rate cut will come sooner than later.

Mortgage rates, which are primarily tied to 10-year Treasury yields in the bond market, are also sensitive to other factors, including investor outlook for future Fed moves. Economists will be closely listening to Fed Chair Jerome Powell's post-meeting remarks for any hints about rate cuts later this year.