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.

Miami, for several months in a row, has held on to the lowest unemployment rate in the state. The South Florida hub scored a jobless figure of 2.5% in December. While that’s the lowest metro jobless figure in the state, it was a slight uptick from November’s rate of 2.4% and a jump from December 2023, which saw a staggering low of 1.6%.