The Federal Reserve, by not cutting interest rates, is risking the creation of a deflationary downturn called a Kindleberger Spiral, a leading bond manager says.

Jerome Powell has been President Trump’s No. 1 target as Trump demands lower interest rates, but other policymakers are also part of each rate decision.

Even while the Fed left its benchmark rate unchanged, many consumer rates have fluctuated over the first half of the year.

The U.S. central bank, to President Donald Trump's chagrin, will likely leave interest rates unchanged at a policy meeting this week, but that's not to say there won't be a vigorous debate, with one if not two Federal Reserve governors possibly casting a rare dissent in support of lower borrowing costs.

The average rate on 30-year fixed home loans registered 6.74% for the week ending July 24, down just barely from 6.75% last week.

A federal judge on Monday denied a request by a Donald Trump ally to force the Federal Reserve committee responsible for directing US monetary policy to make its meetings publicly accessible and accused an investment firm of wasting the court’s time.

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.

Inflation is “more uncertain than usual due to trade tensions,’’ Lagarde said at a press conference following the ECB meeting. Related: Former Fed Chair sends stern message