The Federal Reserve is expected to leave interest rates unchanged in its first policy decision since President Donald Trump returned to office, despite his calls for immediate cuts. Trump, who has long criticized the Fed’s approach, recently reiterated his demand for lower rates, arguing they should be reduced to stimulate economic growth.

With inflation at 2.9%—still above the Fed’s 2% target—officials are likely to remain cautious, citing a strong labor market and steady consumer spending as reasons to hold rates at 4.25%-4.5%. While the Fed has signaled potential rate cuts later this year, economists warn that Trump’s policies, particularly on trade, could introduce inflationary pressures, making future rate decisions uncertain.