The Federal Reserve voted Wednesday to hold its interest rate target steady following the first meeting for new Fed Chairman Kevin Warsh, meaning that President Donald Trump’s long-expressed desire for the central bank to lower interest rates will be unfulfilled for now.

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 expected that outcome, as the country grapples with too-high inflation and higher energy costs stemming from the Iran war.