Federal Reserve officials are determined to hold interest rates steady a little while longer, though an increasingly contentious debate at this week’s policy meeting may bolster expectations for rate cuts in the fall.

The Fed’s decision on interest rates affects many types of consumer borrowing costs, from credit cards and mortgages to auto loans.

The Federal Open Market Committee will meet on Tuesday and Wednesday before announcing the federal-funds rate target range, which has sat at 4.25% to 4.5% since December. The decision will go public at 2 p.m. Eastern time on Wednesday, and Fed Chair Jerome Powell will address the media at 2:30 p.m.

President Donald Trump visited the Federal Reserve headquarters in Washington Thursday, where he publicly scorned Fed chairman Jerome Powell over the costs of a long-planned, roughly $2.5 billion renovation project.

Federal Reserve Governor Christopher Waller said on Thursday he continues to believe the U.S. central bank should cut interest rates at the end of this month amid mounting risks to the economy and the strong likelihood that tariff-induced inflation will not drive a persistent rise in price pressures.

Mitch Roschelle, financial analyst and CEO of M2 Communities, joins "On Balance" following President Trump's visit to the Federal Reserve.

Commerce Secretary Howard Lutnick discusses how President Donald Trump and Federal Reserve Chair Jerome Powell’s sparred over renovation costs for the ‘Fed Mahal’ on ‘The Ingraham Angle.’

The Federal Reserve got a new legal headache Thursday when a money manager sued Chair Jerome Powell and other central bank policymakers in a Washington, D.C. federal court, arguing policy meetings should no longer be held behind closed doors.