All eyes were on the Federal Reserve’s first policy update of the new year on Wednesday, but the Bank of Canada also drew its fair amount of attention. Officials from the Bank of Canada delivered a warning shot about the likely spillover effect of a trade war with the U.

Consumers and traders are waiting to learn if the Fed’s pause is a one-meeting hold or the start of a longer stretch.

Fed chair Jerome Powell said he has not talked with Trump since the president demanded last week “interest rates drop immediately.”