Some economists were saying Wednesday that the cutting cycle is over, while others think Chairman Jerome Powell’s Federal Reserve won’t ease again until 2026.

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.

Nonetheless, already there is a clash with President Trump, who believes interest rates are “far too high." On his Truth Social platform, Trump went on the attack: Because Jay Powell and the Fed failed to stop the problem they created with Inflation,

After three cuts at the end of last year, Federal Reserve officials paused rate moves as they weigh a solid economy and rising inflation risks. Jerome H. Powell, the Fed chair, said the central bank was not on a “pre-set course.

The underlying FTSE High Dividend Yield Index which is consists of common stocks of companies that pay dividends that generally are higher than average. The ETF charges 6 bps in fees and yields 2.65% annually.

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.