Many hoped, but few thought, that the Federal Reserve’s Federal Open Market Committee would cut the benchmark federal funds rate on Wednesday, Jan. 28. It didn’t.

Keeping things flat seems like the best choice. As always, the Fed faces its dual mandates for stable consumer prices that will grow at a relatively low and even rate, and for maximum employment, given current economic conditions. There’s too much unknown about the current state of the economy, global macroeconomic forces and markets, U.S. government spending, and the state of the domestic workforce.

However, the Trump administration wants lower interest rates for high growth, period. That clashes with the Fed’s monetary strategies based on its perception of its mandates. The coming months and next few years could be contentious and risky.

The FOMC reaffirmed a Jan. 24, 2012, statement on “Longer-Run Goals and Monetary Policy Strategy.” It reiterated the mandate, explaining how it works:

Fed decisions are frequently framed in broad economic and business terms, and that is important. However, ultimately, the dual congressional mandate is actually about consumers:

If enough regular people don’t have the money to make purchases, or to afford the credit they might........

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