By Jesse Cohen
Investing.com - The Federal Reserve's Federal Open Market Committee (FOMC) begins its two-day policy meeting on Tuesday in Washington, with a decision due Wednesday afternoon.
Interest rate futures are fully priced for a quarter-point rate cut from the Fed - which would be the first rate cut in a decade - with only a small chance of a larger 50 basis point move.
Fed Chair Jerome Powell will hold what will be a closely watched press conference following the release of the Fed's rate statement as traders attempt to gauge his appetite for further rate cuts this year.
The policy meeting takes place against the backdrop of U.S. President Donald Trump's frequent criticism of the Fed and the White House's demands that the central bank lower rates.
In a series of tweets on Monday, Trump attacked the Fed, saying the U.S. central bank “probably will do very little” to ease monetary policy and that a small cut is “not enough”.
U.S. stocks have rallied since early June, reaching a series of record highs after Federal Reserve Chair Jerome Powell set the stage for a July rate cut.
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-- Reuters contributed to this report