The Federal Reserve held interest rates steady at its January meeting following three consecutive rate cuts amid uncertainty over inflation and economic conditions.

Fed chair Jerome Powell said he has not talked with Trump since the president demanded last week “interest rates drop immediately.”

The Federal Reserve is widely expected to hold its key interest rate steady on Wednesday as officials wait for more data that indicates inflation is cooling.

The Federal Reserve is nearly certain to keep its key interest rate unchanged at its policy meeting this week, just a few days after President Donald Trump said he would soon demand lower rates.

The Federal Reserve expressed concern that inflation has not eased enough for it to continue lowering interest rates.

President Donald Trump commended the Federal Reserve for its decision last week to leave interest rates unchanged. "Holding the rates at this point was the right thing to do," he told reporters. President Donald Trump approved the Federal Reserve for its decision last week to leave interest rates unchanged,

Donald Trump said Sunday the Federal Reserve was right to keep interest rates unchanged, a new comment that comes as Fed watchers gauge the effect the president's new tariff plans will have on monetary policy.

President Donald Trump stunned reporters on Sunday night when he praised the Federal Reserve’s decision to hit pause on its rate cuts. “I’m not surprised,” he said as he arrived in Washington aboard Air Force One.