There is zero reason to cut rates for the foreseeable future.
Debt servicing is the main reason I think powell might still do it.
That would be such a historic massive punt though. You'd send the dollar crashing, treasury yields skyrocketing, every commodity under the sun including oil, gold, silver, Bitcoin shoots up in price. Federal Reserve legitimacy would be destroyed for a very long time.
Stock price of Nvidia has long ago left common sense and when it comes down is going to be a 1929-level mother of wealth destruction. Maybe that's the excuse Powell needs though to justify all the people crying to him for rate cuts.
I don't think the FED will do anything before November, the economy is overheating but any decision will be open to political attack.
If an economic emergency happens that they absolutely need to do something on rates, then the outcome of the election will already have been determined for Trump.