Scott Horsley

although Powell says that was really just a pretext and another way to put pressure on the central bank.

By design, the Fed is supposed to be insulated from that kind of political influence.

Powell says history shows central banks do a better job of fighting inflation when they're not under the thumb of elected leaders.

That's because politicians will almost always favor lower interest rates to juice the economy before the next election, even if higher rates might be better for the long-term health of the economy.

Not yet.

The president is expected to nominate a new Fed chairman pretty soon.

Powell's term is up in May, so he's got two more rate-setting meetings before he gives up his leadership post.

Trump clearly wants a replacement who will push for lower interest rates.

And whoever the president chooses is going to face questions about

whether they can act independently or if they're simply going to do Trump's bidding.

One thing to keep in mind, though, the Fed chair is just one vote among 12 people on the rate-setting committee, and that person may have limited sway over his colleagues.

Trump named a White House economist, Stephen Myron, to the Fed board last fall.

Myron voted at three straight meetings for a supersized half-point rate cut, but none of his colleagues went along.

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.