The Fed has been holding its main interest rate steady after sharply cutting it through the end of last year. At their last policy meeting in January, Fed officials suggested they may stay on hold for a while given worries about how Trump’s proposed tariffs and mass deportations of migrants, along with other factors, could push upward on inflation.

U.S. stocks are drifting higher Monday and recovering some of their sharp losses from last week. The S&P 500 was up 0.3% in early trading after several weaker-than-expected economic reports last week sent it tumbling 1.