President Donald Trump may want lower interest rates, but the Federal Reserve will almost certainly keep its benchmark interest rate unchanged at its two-day policy meeting that ends Wednesday. It is likely to be a quiet start to an eventful year for the central bank.

The Federal Reserve’s policy committee is in wait-and-see mode. The U.S. economy has entered 2025 with plenty of momentum, a briefly shaky labor market appears to have stabilized, and recent months’ inflation readings have been stubbornly above the Fed’s 2% annual target.