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.

Fed Chair Jerome Powell said “we do not need to be in a hurry to adjust our policy stance” and monetary policy is “well positioned” for the challenges at hand.