The Federal Reserve is not cutting interest rates yet because there is a possible inflation spike on the horizon. Until the central bank can see exactly how it will play out, interest rates will remain where they are,

Trump is urging the Fed to cut rates to save the U.S. government money on its interest payments affixed to the vast national debt. Yet the Fed has long resisted considering the government’s financing costs when making interest rate decisions, preferring instead to focus on the health of the economy and inflation.

Is the Federal Reserve suddenly open to cutting U.S. interest rates as early as July? That’s what Wall Street investors want to know when Fed Chair Jerome Powell testifies before Congress this week.