Possible dissents by Christopher Waller and Michelle Bowman would mark the first time in three decades that more than one Fed governor dissented at a policy meeting.

In June, the Federal Reserve held the federal funds rate steady at 4.25%–4.50% for the fourth straight meeting — far above Switzerland’s 0.25% and Japan’s 0.50% rates.

Thus far, Trump has held back from trying to fire Powell, whose term runs until next May.

The Federal Reserve kicks off its July meeting on Tuesday, with Fed Chair Jerome Powell set to speak on Wednesday and deliver the central bank's latest interest rate decision. Markets are largely expecting the Fed to hold rates steady,

While the Fed is expected to leave rates unchanged on Wednesday, traders will closely analyze policymakers' remarks to gauge the timing of future moves.