Jerome H. Powell, the Federal Reserve chair, is facing relentless attacks from the president, a lively campaign to replace him and divisions in his own ranks over when to cut interest rates.

As was widely expected, Fed policymakers on Wednesday left the central bank's overnight rate unchanged at a range of 4.25% to 4.5%.

The chair acknowledged that if the Fed cut its rate too soon, inflation could move higher, and if it cut too late, then the job market could suffer.