Fed holds interest rates steady, taking a pause from rate cuts to assess the economy

Federal Reserve chairman Jerome Powell and his colleagues held their benchmark interest rate steady Wednesday. President Trump has been waging a pressure campaign to get the central bank to lower rates more aggressively.

The central bank cut rates at its three previous meetings in an effort to support the job market. But with inflation still elevated, the Fed is cautious about additional rate cuts.

(Image credit: Chip Somodevilla)