The Federal Reserve is expected to leave its short-term interest rate unchanged on Wednesday for the fifth straight meeting, a move that will likely underscore the deep divide between how Chair Jerome Powell and his chief critic,

Inflation has fallen sharply and, as a result, Fed officials have signalled they will cut rates by as much as a half-percentage point this year. Yet it has picked up slightly in the past two months, and many policymakers — including Powell — still want to ensure tariffs won’t push inflation significantly higher before acting.