Federal Reserve officials are determined to hold interest rates steady a little while longer, though an increasingly contentious debate at this week’s policy meeting may bolster expectations for rate cuts in the fall.

The Federal Open Market Committee will meet on Tuesday and Wednesday before announcing the federal-funds rate target range, which has sat at 4.25% to 4.5% since December. The decision will go public at 2 p.m. Eastern time on Wednesday, and Fed Chair Jerome Powell will address the media at 2:30 p.m.

The Fed’s decision on interest rates affects many types of consumer borrowing costs, from credit cards and mortgages to auto loans.

President Donald Trump visited the Federal Reserve on Thursday, repeating calls for lower interest rates while standing alongside Fed Chair Jerome Powell. Even after reiterating his frustration with the central bank, Trump called the notion of firing Powell a "big move" that would not be "necessary."

President Trump said he sees Federal Reserve Chair Jerome Powell recommending that the central bank lower interest rates after meeting with him Thursday. "I think we had a very good meeting on interest rates.

Mitch Roschelle, financial analyst and CEO of M2 Communities, joins "On Balance" following President Trump's visit to the Federal Reserve.

Commerce Secretary Howard Lutnick discusses how President Donald Trump and Federal Reserve Chair Jerome Powell’s sparred over renovation costs for the ‘Fed Mahal’ on ‘The Ingraham Angle.’