The US Federal Reserve on Wednesday held interest rates steady, taking a breather after three straight cuts last year.
Despite intensifying pressure from US President Donald Trump to lower borrowing costs, the Fed signaled it isn’t in a rush to trim rates given low layoffs and steady economic growth.
The widely expected decision followed “a very boring meeting during very interesting times,” one analyst said. Tuesday marked Fed Chair Jerome Powell’s first press conference since revealing that the central bank is the subject of a federal probe. Powell declined to comment further on Trump or whether he’d stick around after his term ends in May.
Trump is gearing up to announce his pick to succeed Powell. BlackRock executive Rick Rieder has emerged as a frontrunner, with traders betting on more aggressive cuts.