Fed Chair Jerome Powell said the economy is solid — and that it's also too early to tell how tariffs will affect it.

This was the fifth consecutive meeting at which the Federal Open Markets Committee (FOMC) kept its benchmark Federal Funds rate unchanged at 4.25-4.5%.

The choice to hold off on a rate cut will almost certainly result in further conflict between the Fed and White House, as Trump has repeatedly demanded that the central bank reduce borrowing costs as part of his effort to assert control over one of the few remaining independent federal agencies.