Outside of a U.S. President bending norms, the Fed also faces challenges in achieving its economic objectives. Inflation remains above its 2% target: Its preferred measure is at 2.4%, though core prices — considered a better gauge of where inflation is headed — rose 2.8% in November from a year ago.

The Fed’s decision on Wednesday is the first following Trump’s return to office, which has been marked by a flurry of executive orders as the US president seeks to impose his agenda on Washington. Analysts say that Fed chair Jay Powell will have to resist White House pressure if he is to retain the confidence of markets and avoid unleashing a new wave of inflation.