Late last year, it seemed like the Federal Reserve had pulled off the unlikely — tamping down the highest inflation in four decades without triggering a recession, an outcome known as a “soft landing.

It will be part "victory lap" for Trump's early support of the industry, according to one source familiar with the planning of the closed-door event.

Fed Chair Jerome Powell had previously avoided commenting on Trump’s tariff threats and other sweeping moves, but those policies are increasingly shaping prospects for the economy this year. That means central bank policymakers had to at least partially show their hand on what they think new tariffs will mean for inflation,

The Fed also expects the economy to grow more slowly this year and next than it did three months ago, according to quarterly economic projections also released Wednesday.

The governor of the Reserve Bank will announce the repo rate decision of the Monetary Policy Committee on Thursday afternoon.

The Federal Reserve kept its forecast for two rate cuts this year amid Trump's tariffs, which are expected to push up inflation and slow the economy