The Federal Reserve paused its interest rate cuts at its January meeting, citing unclear inflation and policy outlooks.

Last month, Fed officials signaled they expect just two rate cuts for all of 2025, a shallower path of reductions than previously anticipated. Policymakers will update their projections on the economy and rates at their next meeting in March. This month’s pause in rate cuts comes amid increasing uncertainty about how inflation will evolve.

Trump’s blasting of the Federal Reserve and Jerome Powell came just hours after the announcement that interest rates would stand at 4.25% to 4.5%.