US Federal Reserve holds interest rates steady, defying Trump pressure
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At its first policy meeting of the year on Wednesday, the US Federal Reserve decided to hold interest rates steady, maintaining a range between 3.50% and 3.75%. The decision comes despite President Trump's increasing pressure for rate cuts. The Fed cited solid economic growth as the reason for holding steady, while awaiting further economic data. Two members of the Federal Open Market Committee, Stephen Miran and Christopher Waller, dissented, advocating for a quarter-percentage-point rate cut. The Fed has previously implemented three consecutive quarter-point cuts due to concerns about the cooling jobs market.
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