Right now, inflation is still hovering just above the Federal Reserve’s target and data is mixed. That’s why Fed Chair Jerome Powell is keeping rates steady, despite public calls for action

A top Federal Reserve official said late Thursday that the central bank should cut its key interest rate later this month, carving out a different view than that of Chair Jerome Powell, who has been harshly criticized by the White House for delaying rate cuts.

While that would set a tone at the board of governors, whose seven members are permanent members of the Federal Open Market Committee, it won't necessarily translate entirely into monetary policy ( more toward bank reserve rates ).