Federal Reserve holds interest rates as Trump piles on pressure

Fed voted to pause cuts to interest rate, which currently sits between 3.5% and 3.75%, after slashing it three times in fall

The US Federal Reserve left interest rates unchanged after its first rate-setting meeting of the year on Wednesday, resisting enormous pressure from the White House to lower rates.

A majority of members in the Fed’s federal open market committee (FOMC) voted to pause interest rate cuts after slashing rates three times in the fall. Rates currently sit at a range of 3.5% to 3.75%.