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 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 Federal Reserve held interest rates steady on Wednesday in a split decision that gave little indication of when borrowing costs might be lowered and drew dissents from two of the U.S. central bank's governors,