The Federal Reserve announced on Wednesday that it would continue to leave interest rates unchanged.

The central bank’s decision to maintain its target range at 4.25% to 4.5% was in line with economists’ expectations. The central bank similarly declined to cut interest rates in its June meeting.

The Fed has notably been facing intense pressure from President Donald Trump and other Republicans to cut interest rates this year. The president has repeatedly criticized Federal Reserve Chairman Jerome Powell for not cutting rates, and has previously referred to him as a “knucklehead” and “too late Powell.” Similarly, House Speaker Mike Johnson told Bloomberg on July 23 that he has become “disenchanted” with Powell amid Trump’s public criticism of the Federal Reserve chairman.

Powell, whose term ends in May 2026, has reportedly maintained that he will not step down from his position despite facing mounting pressure from Trump.

Additionally, Federal Reserve Gov. Christopher Waller argued on July 17 that the Fed should slash interest rates in July, saying that “the risks to the economy are weighted toward cutting [rates] sooner rather than later.”

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