Federal Reserve officials are determined to hold interest rates steady a little while longer, though an increasingly contentious debate at this week’s policy meeting may bolster expectations for rate cuts in the fall.

President Trump clashed with Federal Reserve Chair Jerome Powell as more lawmakers weigh in on a need for an interest rate cut. CBS News' Kelly O'Grady reports.

Airline sector shows resilience with strong demand and positive earnings, indicating robust consumer and corporate spending despite earlier geopolitical concerns. Netflix reporting after close, remains a streaming leader, but valuation concerns persist; overall, stocks continue mild melt-up with benign retail and jobless data supporting stability.

In July 1988, Mike Dukakis was leading the presidential race versus George H.W. Bush — but not for long. A little later that summer, the Democratic nominee agreed to do a photo-op in a battle tank with an army helmet perched awkwardly on his head.

Amid all the mounting political pressure on the Federal Reserve to resume cutting interest rates, Chair Jay Powell is already overseeing the loosest financial conditions in the U.S. economy since before the central bank started hiking early in 2022.

The solution isn’t to fire Powell, it’s to cure the underlying disease, which is excessive government spending.

When central banks are pressured by politicians into overheating the economy, everyone ends up getting burned.

President Donald Trump is scheduled to visit the Federal Reserve on Thursday, a trip that will be closely watched amid ongoing tensions between the White House and Fed leadership.