Powell is not going to do anything,” Siegel said in an interview. “Trump, I think, is going to step up the escalation,” he said later.

Federal Reserve Chair Jerome Powell will push back at his press conference on Wednesday on calls from the White House and many on Wall Street for interest-rate cuts, economists say.

The US Federal Reserve is expected to keep interest rates unchanged on May 7, resisting pressure for cuts despite tensions with US President Trump. The central bank is likely to maintain the benchmark rate at 4.25% to 4.5% despite Trump’s demand for rate cuts since January.