Institution: The Federal Reserve is expected to remain on hold this week, with two major doves likely to dissent.

BlockBeats News, July 29th, Pascal Chief U.S. Economist Urup Ruxi said that it is expected that the Federal Reserve will keep the interest rate unchanged at 4.25%-4.5% this week, but Waller and Bowman may express opposition. This may intensify speculation that once more officials appointed by Trump join the Fed's Board of Governors starting from the first quarter of 2026, the rate cut pace will accelerate.

Dovish Waller and Bowman may argue that monetary policy is restrictive as tariff-related inflation is being offset by other factors and advocate for a rate cut citing a neutral rate close to 3%. It is expected that Powell will try to guide the FOMC to wait as long as possible for the next rate cut, with higher odds of a rate cut in October than in September. (Kyodo)