US Fed stands firm on rates amid pressure from Trump

Powell stresses inflation control, commitment to employment

NEW YORK — The US Federal Reserve on Wednesday kept the target range for the federal funds rate unchanged at 4.25 to 4.5 percent, though it faces stark pressure and harsh criticism from the Trump administration.

"Although swings in net exports continue to affect the data, recent indicators suggest that the growth of economic activity moderated in the first half of the year. The unemployment rate remains low, and labor market conditions remain solid. Inflation remains somewhat elevated," said a statement by the Federal Open Market Committee.

Uncertainty about the economic outlook remains elevated, said the statement.