Despite President Trump ramping up pressure on Federal Reserve Chair Jerome Powell to cut interest rates, the Fed held rates steady at 4.25% to 4.5% on Wednesday, July 30. Trump has been insistent on a major cut all the way down to 1%.

The Federal Reserve is expected to leave interest rates unchanged on Wednesday, six days after President Donald Trump again demanded that the U.S. central bank cut borrowing costs during a rare presidential visit to its headquarters in Washington.

The Federal Reserve voted to leave its short-term interest rate unchanged as expected, despite mounting pressure from President Donald Trump to lower them.