“If they don’t dissent, then the stock and bond markets could rally significantly on expectations that the FOMC participants are leaning toward cutting [in September], thus placating the two potential dissenters,” said veteran strategist Ed Yardeni of Yardeni Research.

President Trump wants the Fed to slash borrowing costs, but the central bank is unlikely to take such aggressive steps even once it begins to lower interest rates.

Nancy Tengler, CEO and chief investment officer of Laffer Tengler Investments, said that while she's "100% behind having an independent" U.S. Federal Reserve, President Donald Trump's continued pressure on central bankers to cut interest rates has "shifted the focus" on monetary policy and prompted more people "to say it's time to cut [rates].