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.

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

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.

Gold prices were steady on Wednesday as market participants were cautious ahead of the U.S. Federal Reserve's interest rate decision due later in the day, while also pondering the implications of President Donald Trump's trade policies.

The Federal Reserve held interest rates steady on Wednesday after price increases ticked up over the last three months, suggesting inflation may still have some life in it. Central bankers held rates at a range of 4.