It has been a highly consequential week for the Federal Reserve and, by extension, the US economy at large.

For one the Fed is expected to announce a rate cut when it convenes its scheduled meeting on Wednesday. The announcement will be made at 2 p.m.; the cut is expected to come in at 25 basis points, well below what President Trump has been calling for.

Fed chair Jerome Powell – a Trump administration appointee – has become a frequent target of the US president’s angry tweets. President Trump believes that a high US interest rate vis-à-vis global competitors is stifling US exports overseas by strengthening the US dollar. And though Powell has generally disagreed with Trump’s view and deferred to the inward-looking dual mandate of Fed policy, a recent downturn in the global economy is providing some cover to give Trump the rate cut that he wants – albeit not to the same extent. President Trump has been calling for the Fed to match the zero or negative rates of the European Central Bank.

Markets have effectively priced in a .25% cut. Anything higher or lower would come as a surprise.