The Federal Reserve has decided to keep its benchmark interest rate right where it is, despite the protestations of U.S. President Donald Trump.

The central bank ended a two-day policy meeting on Wednesday by announcing their decision to keep their federal fund rate steady in a range between 2.25 and 2.5 per cent.

Standing pat was exactly what economists who cover the Fed were expecting. The central bank has hiked its benchmark rate eight times since 2016 in a bid to tame inflation, but signaled a few months ago that the pace of future hikes was far from certain.

While expected, the news will come as a disappointment to Trump, who wanted the Fed to lower interest rates to super charge the economy.

Federal Reserve chair Jerome Powell will host a media availability at 2:30 p.m. to lay out the central bank’s line of thinking.

More to come