In theory, sturdy economic growth eases pressure on the Fed to lower interest rates, since consumers and businesses appear undeterred by high borrowing costs. If growth begins to slow, the Fed could seek to lower interest rates as a means of boosting economic performance.

Trump hailed the GDP number in a social media post as “WAY BETTER THAN EXPECTED” and renewed his call for Fed Chair Jerome Powell and his colleagues to lower interest rates. Officials are widely expected to keep borrowing costs unchanged for now.

Torsten Sløk, chief economist at Apollo Global Management, says the economy may have a slowdown before recovering.