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

Hope that the Federal Reserve would continue its interest rate cut campaign had dimmed toward the end of 2024 as the bank hinted at a slower pace in 2025. And that was made official on Wednesday when the Fed held its first meeting of the year,

The Federal Reserve left interest rates unchanged Wednesday amid uncertainty over when borrowing costs for loans, credit cards and auto financing might ease in 2025. The Fed's benchmark rate will stay in a range of 4.