U.S. Federal Reserve policymakers meeting next week are expected to keep interest rates on hold but the larger story unfolding will be how the central bank confronts early moves by President Donald Trump that are likely to shape the economy this year,

It is highly unlikely that the Federal Open Market Committee will cut interest rates on January 29. However, a cut in March or May could be possible.

Markets currently expect the Federal Reserve to deliver its next quarter-point interest-rate reduction in June. That’s a bit later than was expected just a few weeks ago. In December, traders expected the cut to come a bit sooner,