President Donald Trump and Fed Chair Jerome Powell publicly clashed over the central bank's renovation, which the Trump administration claims has gone overtime and over budget. The Eleventh Hour Nightcap discusses.

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 has held its benchmark interest rate between 4.25% and 4.5% this year, though officials have penciled in two cuts by year-end.

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

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

The central bank doesn’t directly control the interest rates that the president is concerned about.

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.

According to a person familiar with the matter, Justice Department officials are set to meet with Ghislaine Maxwell, the imprisoned girlfriend of financier and convicted sex offender Jeffrey Epstein

The dollar traded sideways versus the euro on Thursday after the European Central Bank held rates steady, and was confined to a tight range against the yen as prospects for higher Japanese rates offset worries about political risk after Sunday's elections.