This new year will be a big one in the world of economic policy. Here is what to expect as the calendar turns to 2025 — and likely supercharged once President-elect Donald Trump takes office on Jan. 20, 2025, for a second, nonconsecutive term.

Inflation will top the list, considering it played an outsize role in Trump’s 2024 defeat of Vice President Kamala Harris, once she became the Democratic nominee due to President Joe Biden’s White House departure after one term. Too-high inflation continued its gradual descent. The Federal Reserve, after months of raising and holding interest rates high, finally conducted its rate cut since the start of the COVID-19 pandemic. Still, the Fed will have to contend with sticky inflation in some sectors, such as groceries and much more.