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.

The US Federal Reserve is on a collision course with Donald Trump, economists say, with the central bank set to keep interest rates on hold despite the president’s calls to reduce borrowing costs by “a lot”.

Economists predict that the Trump administration’s trade policies could push up prices for consumers, making it harder for Fed officials to cut rates.