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.

The Federal Reserve held interest rates steady Wednesday after price increases ticked up over the past three months, suggesting inflation may still have some life in it. Central bankers held rates