Policymakers at the US Federal Reserve have left their benchmark interest rates unchanged. They had lowered the rates at their previous three meetings.
The Fed governors wrapped up their two-day policy meeting on Wednesday. They decided to keep the interest rates between 3.5 and 3.75 percent, noting that two of the board members were against the decision.
US Federal Reserve Chair Jerome Powell said: “The US economy expanded at a solid pace last year and is coming into 2026 on a firm footing. While job gains have remained low, the unemployment rate has shown some signs of stabilization, and inflation remains somewhat elevated.”
US President Donald Trump has expressed frustration with Powell for not cutting rates quickly enough. Powell’s term is set to expire in May, and Trump is expected to nominate his successor soon.
Powell said earlier this month that the Justice Department had served the Fed with grand jury subpoenas, threatening it with a criminal indictment. That drew criticism from former Fed chairs and central bank governors around the world.
After the announcement about the rate decision, Powell was asked at a news conference if he had any advice for his successor. He responded by saying that he or she should “stay out of elected politics.”