For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance,” Powell told the House Financial Services Committee.

Trump is urging the Fed to cut rates to save the U.S. government money on its interest payments affixed to the vast national debt. Yet the Fed has long resisted considering the government’s financing costs when making interest rate decisions, preferring instead to focus on the health of the economy and inflation.

Several top Fed officials have voiced support for cutting interest rates in the week after the central bank's latest policy decision.