The Federal Reserve held interest rates steady Wednesday as it seeks to curb stubborn inflation.
Fed policymakers have hinted that they'll be cautious about additional rate cuts, so long as the job market remains solid and prices continue to climb.
"We feel like we don't need to be in a hurry to make any adjustments," Fed chairman Jerome Powell told reporters Wednesday.
Members of the Fed's rate-setting committee voted unanimously to leave their benchmark interest rate between 4.25% and 4.5%. That helps determine the cost of other short-term borrowing, such as car loans and credit card debt.
While the decision to leave rates unchanged was widely expected, it sets up a potential clash with President Trump, who told reporters earlier this month that he believes "interest rates are far too high."
In a speech to the World Economic Forum last week, Trump also said he would "demand" lower rates.
Powell said he and his colleagues would not be swayed by Trump's demands, but he declined to engage in a war of words with the president.
"I'm not going to have any response or comment whatsoever on what the president said," Powell said. "The public should be confident that we will continue to do our work as we always have."
