Two regional Federal Reserve bank chiefs pushed back Thursday against the growing consensus view that the central bank is all but certain to cut rates at its July 30-31 meeting, contending the economy is doing just fine and inflation is near their 2% target.

Citigroup Inc. economists are growing more confident in their forecast for the Federal Reserve to leave interest rates unchanged this month, a call that leaves them at odds with many investors and fellow analysts.

Traders boosted the amount of easing they expect from the Federal Reserve this month and beyond as Chairman Jerome Powell emphasized persistent risks to the economy.

Federal Reserve Chairman Jerome Powell gave emerging-market central banks another solid reason to lower interest rates.

Lurking beyond traders’ apparently unwavering confidence that the Federal Reserve will cut interest rates this month is a more nebulous outlook about what the central bank will do after that.

A drop in prices for cabbages and cucumbers in Russia helped brake inflation in June, paving the way for the central bank to deliver a second consecutive interest-rate cut later this month.