The Federal Reserve held its benchmark lending rate steady following a two-day policy meeting in Washington, but it removed a reference to making progress on slowing inflation, which could signal a longer time frame before the next move lower.

Outside of a U.S. President bending norms, the Fed also faces challenges in achieving its economic objectives. Inflation remains above its 2% target: Its preferred measure is at 2.4%, though core prices — considered a better gauge of where inflation is headed — rose 2.8% in November from a year ago.

Economists predict that the Trump administration’s trade policies could push up prices for consumers, making it harder for Fed officials to cut rates.