Federal Reserve officials are prepared to hold their policy rate steady to minimize the risk that President Donald Trump’s tariffs trigger a persistent rise in inflation, even if the labor market softens further.

After what stock investing and market research firm the Motley Fool went so far as to call a market “crash” over concerns regarding President Trump’s tariffs and a possible recession, traders and analysts are expecting more rate cuts could come from the Federal Reserve Board this year.

Recession odds are rising as Trump’s tariffs sink bond yields, oil prices, and stocks. So, too, are the odds of multiple Federal Reserve interest-rate cuts.