Scott Horsley

You're welcome.

Members of the Fed's rate-setting committee voted 10-2 to leave their benchmark rate unchanged.

The Fed had lowered interest rates at three previous meetings out of concern over the softening job market.

But Fed Chairman Jerome Powell says there are some signs the unemployment rate is stabilizing, while inflation is still higher than the central bank would like.

Howell will likely preside over two more rate-setting meetings before his term as Fed chairman expires in May.

President Trump is expected to nominate a new leader for the central bank soon.

Scott Horsley, NPR News, Washington.

Four.

You're welcome.

The central bank had cut interest rates at its last three meetings in an effort to prop up the sagging job market.

But with inflation still well above the Fed's 2 percent target, policymakers opted to stand pat today.

The vote was 10 to 2, with Fed Governors Chris Waller and Stephen Myron dissenting in favor of another quarter point rate cut.

The Fed's benchmark rate will stay in a range between 3.5% and 3.75%, just as financial markets had expected.

President Trump has been demanding lower interest rates, even though the central bank's designed to be insulated from that kind of political pressure.

Trump is expected to nominate a new chairman of the Federal Reserve soon to replace Jerome Powell, whose term expires in May.

Scott Horsley, NPR News, Washington.

The Federal Reserve has lowered interest rates three times since September out of concern with a softening job market.

Job growth has slowed sharply over the last year, and surveys show worries about job security are weighing on consumer confidence.

But inflation is still higher than the Fed would like, so a majority of Fed policymakers are expected to vote to keep rates where they are for now.

President Trump insists borrowing costs should be much lower, and he's been demanding the Fed do his bidding, even though the central bank is supposed to be insulated from political pressure.