The Federal Reserve left interest rates unchanged on Wednesday, maintaining its wait-and-see approach after a series of cuts in late 2025.

The Federal Open Market Committee kept its benchmark rate at 3.5%-3.75%.

“Available indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, and the unemployment rate has been little changed in recent months. Inflation remains somewhat elevated,” the committee said Wednesday in a written statement. “The implications of developments in the Middle East for the U.S. economy are uncertain.”

All members of the committee voted in favor of keeping rates unchanged except Fed Governor Stephen Miran, a Trump appointee who wanted a 0.25-percentage point reduction.

Fed decisions affect interest rates for savings, loans and investments, influencing consumer spending and business activity.

The Fed cut interest rates at three successive meetings last year, when fears about sluggish hiring outweighed worries about inflation. Central bankers are waiting to see what kind of impact those cuts have before trimming rates again.

President Trump has complained about the Fed’s inaction, saying lower interest rates would supercharge the economy alongside his agenda of tax cuts, deregulation and tariffs on imports.

“When is ’Too Late’ Powell lowering INTEREST RATES?” Mr. Trump wrote on Wednesday on social media before the Fed decision.

Mr. Trump is cajoling central bankers as he criticizes Fed Chair Jerome Powell over a Fed building renovation project and tries to reshape the Fed to his liking.

A federal judge on Friday quashed the Department of Justice’s criminal probe into Mr. Powell, saying subpoenas about the renovation were a pretext to harass the central banker over interest rates.

U.S. Attorney Jeanine Pirro railed against the decision as biased and said she planned to appeal.

A resolution in the case, however, would make it easier for Mr. Trump to install his Fed chair nominee, Kevin Warsh, at the central bank.

Sen. Thom Tillis, North Carolina Republican, is blocking Fed nominees in the Senate Banking Committee until the case against Mr. Powell is resolved.