From credit cards and mortgage rates to auto loans and savings accounts, all sorts of consumer borrowing costs are impacted by Fed moves.

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.

"Letting inflation gather steam today, by arbitrariyl holding down rates, would be a different story. This would be a message to dollar holders around the world