The Federal Reserve is leaving the interest rates the same in the 3.5-3.75 percent range, the Federal Open Market Committee decided in a 9-3 vote on Wednesday.
The Fed said that despite ongoing conflict in the Middle East, the economy is still fairly strong.
"Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. Productivity growth and capital investment are strong," the statement read. "Job gains have kept pace with the workforce, and the unemployment rate has changed little."
However, the Fed said that inflation is still "elevated relative to the Committee's 2 percent goal," saying that the FOMC will "will deliver price stability."
Federal Reserve Chairman Kevin Warsh is expected to speak with reporters at 2:30 PM Eastern Time to discuss the decision. Warsh took over as chairman in May, as Jerome Powell's term ended amid sharp criticism from President Donald Trump, who has repeatedly called for interest rates to get cut.
"Kevin's fantastic, but he's got a board, and the board members are very political, I would say," Trump said recently, according to CSPAN.
"He wants to do the right thing. I know what he wants to do. But you need the consent of some people that have, perhaps, bad intentions. Rates should be lowered," the president added at the time.
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