#FOMCMeeting The President of the Federal Reserve, Jerome Powell, seen here speaking at a press conference after the latest FOMC meeting in May, has been criticized by President Donald Trump for not cutting interest rates this year.

Andrew Harnik /It is widely expected that the Federal Reserve will maintain its benchmark interest rate when the central bank's policy committee meets on Wednesday.

The Federal Reserve has kept interest rates higher than usual throughout the year to counteract inflation and has not lowered them for fear that President Donald Trump's tariffs may raise prices for consumers.