The Federal Reserve is refusing to lower rates even after President Trump asked Chairman Jerome Powell to do so, leaving them unchanged.

Here’s the news:

CNBC – The Federal Reserve on Wednesday held its key interest rate unchanged as it waits for the Trump administration’s trade policy to take shape and sees its impact on a sputtering economy.

In a move that carried little suspense given the wave of uncertainty sweeping the political and economic landscape, the Federal Open Market Committee held its benchmark overnight borrowing rate in a range between 4.25%-4.5%, where it has been since December.

The post-meeting statement noted the volatility and how that is factoring into policy decisions.

“Uncertainty about the economic outlook has increased further,” the statement said. “The Committee is attentive to the risks to both sides of its dual mandate and judges that the risks of higher unemployment and higher inflation have risen.”

That uncertainty is likely related to President Trump’s restructuring of the US economy with new tariff policies. President Trump has repeatedly called for lower rates and you can expect a strongly worded truth social post later today.