Trump, who appointed Jerome Powell as Fed chair, has called for lower interest rates and said the president should get a say on the Fed's rate decisions.

The Fed said the job market is “solid,” and noted that the unemployment rate “has stabilized at a low level in recent months.”

The Federal Reserve decided to delay additional rate cuts for now and keep interest rates unchanged at its first meeting of the year, giving themselves time to assess whether inflation is cooling and how President Donald Trump’s policies might impact the U.S. economy.