A new GDP report Thursday and the expectation of a sticky inflation reading Friday should reinforce the Federal Reserve’s new wait-and-see approach on interest rates. Fed Chair Jay Powell outlined that approach Wednesday after the central bank decided to keep rates on hold,

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.