It was the first meeting of the FOMC since former President Donald Trump’s election victory. Policymakers have said repeatedly that the Fed is apolitical and that their calls on interest rates are driven by economic conditions.

The Fed lowered rates by 25 basis points to a 20-month low, but economists say tariffs may throw a wrench in the rate cutting cycle.

More than a month after the Federal Reserve started trimming its benchmark interest rate, there are a number of banks and credit unions where the annual percentage yields are increasing on certain certificates of deposit,