The widespread expectation on Wall Street is that Fed officials will wait until September to resume cutting interest rates, though a couple of Trump’s appointees could dissent in the vote. The Fed has been on hold with interest rates this year since cutting them several times at the end of 2024.

Wall Street’s weeklong, record-breaking run ran out of momentum. The S&P 500 slipped 0.3% Tuesday for its first drop after setting an all-time high in six straight days.

The U.S. economy has seemed to hold up so far despite the pressures of tariffs, though it does appear to be slowing.