The Federal Reserve voted Wednesday to hold its interest rate target steady as inflation remains elevated.

After a two-day meeting in Washington, the Fed’s monetary policy committee announced it would hold its rate target at a range of 3.50% to 3.75%. Investors had expected that outcome, but President Donald Trump has pushed hard for more aggressive rate cuts. The central bank has not cut rates in 2026, after implementing cuts at three successive meetings to end 2025.