If virtually every indication so far is accurate, the new leader of the free world is unlikely to get what he wants, at least not yet.

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.

Faced with a solid economy and mounting inflation concerns, the U.S. central bank has said it will “move cautiously” on cutting interest rates.