President Trump’s campaign for lower interest rates faces another setback this week at the Federal Open Market Committee (FOMC) meeting. Wall Street analysts expect the FOMC to hold rates steady, if not hike them, as inflation stands at 3.5%, well above the 2% target. This inflationary pressure is notably driven by rising fuel prices, up 15.7% year-over-year, amid conflict in the Middle East disrupting global oil supply. According to CME’s FedWatch tool, 68.5% of traders anticipate a rate hold this week, while others expect a 25 basis point hike to 3.75%-to-4%.
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