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.

What the president wanted — and Powell wouldn't give him — was a sharp cut in the Fed's key interest rate, the Federal Funds Rate. 💵💰Don't miss the move: Subscribe to TheStreet's free daily newsletter 💰💵 At the very least,

As for the Fed, Trump did say in a TV interview that he would not seek to remove Powell from being chairman of the Fed before his term ends next year. Many legal experts and Powell said they did not think Trump has the power, but at least this removes some of the uncertainty surrounding the central bank for the moment.