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%.

Markets expect Fed Chair Jerome Powell and his colleagues to hold interest rates steady at the conclusion of their two-day May meeting, even as calls for cuts grow louder. President Trump has led the way in ramping up pressure,