Trump has previously called for Powell to lower interest rates and restart its own QE program, saying that the US economy would “go up like a rocket.” But it’s Trump’s own trade war and heightened geopolitical tensions in the Middle East that now has investors also pushing for a rate cut.

US Treasury yields are near the lowest in almost two years and the yield curve is still inverted. Traders are anticipating more the one rate cut by the end of the year, according to the CME FedWatch Tool, which tracks trading in the futures market. The Fed announces its latest monetary policy decision later today and expectations are high for signals that policymakers plan to add stimulus to the economy soon.

📬 Sign up for the Daily Brief

Our free, fast, and fun briefing on the global economy, delivered every weekday morning.