Even so, the Fed will almost certainly leave its key rate unchanged at about 4.3% when it meets Tuesday and Wednesday. Powell and many of the other 18 officials that sit on the Fed’s rate-setting committee have said they want to see how Trump’s tariffs affect the economy before making any moves.

"Letting inflation gather steam today, by arbitrariyl holding down rates, would be a different story. This would be a message to dollar holders around the world