The U.S. Federal Reserve has opted to keep interest rates within its target range of 4.25% to 4.50%, it announced Wednesday, despite criticism from President Donald Trump. The U.S. central bank also indicated that it expects two rate cuts in 2025.

This pause follows those already decreed last January, March and May, as well as the three consecutive reductions that began in September, when the price of money was cut for the first time since March 2020.

Although fluctuations in net exports have affected the data, recent indicators suggest that economic activity has continued to grow at a solid pace. The unemployment rate remains low, and labor market conditions remain solid. Inflation remains somewhat elevated, the Fed summarized.

In its statement, the bank stressed that uncertainty about the economic outlook has diminished, although it remains high, so the central bank's governing body will continue to monitor the risks to employment and inflation.

Trump's criticism

A few hours before the Fed's decision, Donald Trump had criticized Federal Reserve Chairman Jerome Powell for failing to lower interest rates. He said the man he appointed during his last term had done a poor job.

Trump, speaking to reporters at the White House, has considered nominating himself to lead the US central bank, due to his dissatisfaction with Powell.