The Fed, helmed by Chair Jerome Powell, is expected to hold rates steady this month despite pressure from President Donald Trump to make cuts.

The Federal Reserve has opted to keep its benchmark interest rate steady, adopting a 'wait and see' approach as it assesses the impact of Trump's economic policies, particularly his trade tariffs.

The Federal Reserve has voted to hold interest rates at their current level in a blow to US President Donald Trump's fiscal agenda. Earlier this afternoon, the central bank's Federal Open Market Committee (FOMC) opted to keep the US base rate unchanged at a range of 4.