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.

On Friday, the S&P 500 sank 1.7% for its worst day in two months after the release of weaker-than-expected U.S. economic data. The Dow Jones Industrial Average lost 1.7%, while the Nasdaq composite tumbled 2.2%.