The independent central bank uses interest rates as a tool to manage its dual mandate. The Federal Funds Rate is the price the Fed charges U.S. banks to borrow money overnight. This sets short-term benchmark interest rates for borrowing money via credit cards and home equity, auto, and student loans.

The Fed is maintaining its benchmark interest rate in the range of 4.25% to 4.5%, where it's been parked since December.

The Federal Reserve will release its interest rates decision Wednesday, but it's unlikely to cut rates. Trump has lobbied against Fed Chair Jerome Powell.