The central bank has defied Trump’s public criticism for months. The Fed has held interest rates steady for seven consecutive months, taking a wait-and-see approach as it voices concern about a possible burst of inflation as a result of Trump's tariff policy.

The central bank has said Trump’s tariffs are making it difficult for it to lower rates, something that would otherwise be called for amid signs of slowing economic activity.

The Fed is maintaining its benchmark interest rate in the range of 4.25% to 4.5%, where it's been parked since December.