President Donald Trump is renewing his old attacks on the Federal Reserve and its chair, Jerome Powell, after the independent body voted to hold interest rates steady in its first rate decision of the year.

President Donald Trump has called out the Federal Reserve in recent weeks, urging the central bank to continue cutting interest rates. But Chair Jerome Powell said Wednesday that he hasn’t had any contact with the president and declined to comment on any of Trump’s remarks.

The US Fed held rates steady, reaffirming its independence despite President Donald Trump’s demands for cuts. Fed Chair Jerome Powell dismissed political pressure, while Trump accused the Fed of failing to control inflation.

The US president accused Jerome Powell leader of failing to 'stop the problem they created with inflation.' Powell said he would not respond to Trump's comments.

Policymakers said they “will carefully assess incoming data, the evolving outlook, and the balance of risks” in determining future rate decisions.

(Reuters) - Fielding a range of questions about the imprint of the Trump administration on the U.S. central bank, Federal Reserve Chair Jerome Powell on Wednesday said that politics had not prompted the Fed's decision to leave a global climate-focused group, and would not affect its interest-rate calls.

The Federal Reserve is set to announce its first interest rate decision of 2025 and with a pause expected, it could prompt President Donald Trump to renew his criticism of the central bank.

Investors today will be listening to how Fed Chair Jerome Powell addresses the potential effect that President Donald Trump could have on the future path of monetary policy.