The Federal Open Market Committee this week opted to hold rates steady in a range of 4.25-4.5 per cent for the fourth consecutive meeting, even as Trump piles pressure on Powell, whose term as Fed chair expires in May 2026, to slash them.

President Trump upped the ante on the Federal Reserve hours after the latest jobs report, angrily demanding Fed Chair Jerome H. Powell slash the federal interest rate to create greater demand for consumer loans and better terms for business investment.

The U.S. Federal Reserve held key interest rates steady Wednesday but said it still sees the possibility of two cuts later this year, with expectations that President Donald Trump's tariff policies will spike inflation.