President Donald Trump attacked the Federal Reserve — again.
With just about a week left until the next Federal Open Market Committee’s policy-setting meeting, the president strongly urged that the central bank cut interest rates in a series of tweets Monday morning.
The Monday morning tweets follow the president’s continuous string of attacks on both the Federal Reserve and Chairman Jerome Powell. FOMC participants are currently in a quiet period ahead of the July 30-31 meeting and will not be addressing the public until after the meeting is adjourned next week.
[Read more: Fed's jumbled messaging catches Trump's attention]
Headed into the meeting, the Fed fund futures contracts are predicting a 75.5% chance of a 25 basis point cut and a 24.5% chance of a 50 basis point cut. The current Federal funds rate is in a target range of 2.25% to 2.50%.
Furthermore, the U.S. Bureau of Economic Analysis will be releasing second-quarter GDP data on Friday. The GDP data will play a crucial role for the data-dependent Fed, as it determines whether or not to cut rates for the first time in a decade. Economists polled by Bloomberg are expecting the U.S. economy to have grown at a 1.8% rate, down from the 3.1% growth in the first quarter.
Even as the recent economic data proved better than expected, the Fed will likely still move ahead with a 25 basis point rate cut, according to Wells Fargo. The string of strong data over the past week and a half—higher than expected inflation, retail sales and manufacturing production—likely will not dissuade the Fed from cutting rates 25 bps at its July meeting,” the firm wrote in a note to clients July 19. “The market-implied certainty of a rate cut this month would seem to belie the observed health of the U.S. economy.”
Heidi Chung is a reporter at Yahoo Finance. Follow her on Twitter: @heidi_chung.
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