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Trump goes after Fed’s Powell on Twitter: ‘Don’t miss it again!’

·Reporter

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.

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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]

U.S. President Donald Trump looks on as Jerome Powell, his nominee to become chairman of the U.S. Federal Reserve, speaks at the White House in Washington, U.S., November 2, 2017. REUTERS/Carlos Barria
U.S. President Donald Trump looks on as Jerome Powell, his nominee to become chairman of the U.S. Federal Reserve, speaks at the White House in Washington, U.S., November 2, 2017. REUTERS/Carlos Barria

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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