Even so, the Fed will almost certainly leave its key rate unchanged at about 4.3% when it meets Tuesday and Wednesday. Powell and many of the other 18 officials that sit on the Fed’s rate-setting committee have said they want to see how Trump’s tariffs affect the economy before making any moves.

President Donald Trump could be setting up Fed Chair Jerome Powell as a 'scapegoat' if a recession hits, according to an MSU economist.