Despite pressure from the White House, Powell is widely expected to hold interest rates steady, according to the CME FedWatch Tool, a measure of market sentiment. The central bank's benchmark interest rate currently stands at an elevated level of between 4.25% and 4.5%.

The Fed is expected to leave interest rates unchanged Wednesday, choosing caution as President Trump’s trade upheaval rattles markets and clouds the outlook for inflation and growth.

Fed Chairman Jerome Powell will talk to reporters Wednesday as Trump deems him a “major loser” and a “total stiff.”