Trump and his GOP allies are readying an ambitious agenda that includes increased deportations of immigrants, higher tariffs on imported goods from Mexico, Canada and China, as well as extending some of the 2017 tax cuts that are set to expire at the end of the year.

The Fed held interest rates steady as it continues to combat inflation. President Trump wants to see lower rates, but some of his policies could fuel more price hikes.

The Federal Reserve left its benchmark interest rate unchanged Wednesday after cutting it three times in a row last year, a sign of a more cautious approach as the Fed seeks to gauge where inflation is headed and what policies President Donald Trump may pursue.