Hanging over the Fed's debate - which saw two Trump-chosen Fed governors dissent in last week's decision - are the president's persistent and aggressive calls to cut rates, often framed with name-calling and threats to fire Powell before his chairmanship expires in May.

Financial markets predict the Bank will reduce interest rates to 4% from 4.25% in its fifth cut since last August.

The Bank of England cut interest rates from 4.25% to 4% on Thursday as the central bank resumes a "gradual and careful" approach to lowering interest rates.

The Bank of England is widely expected to cut its key interest rate Thursday, with policymakers mindful of US tariffs and their potential risks to an already-struggling UK economy.