Federal Chairman Powell says interest rates holding to quickly respond to any economic developments

Federal Reserve Chairman Jerome Powell said Wednesday regarding the central bank's decision to keep interest rates steady that it will allow the central bank to quickly respond to any economic developments.

"My colleagues and I remain squarely focused on achieving our dual mandate goals of maximum employment and stable prices for the benefit of the American people," Powell said during a press conference.

"Despite elevated uncertainty, the economy is in a solid position, the employment remains low, and the labor market is at or near maximum employment. Inflation has been running somewhat above our 2% longer-run objective."

Powell explained that keeping the interest rates steady allows the bank "to respond in a timely way to potential economic developments."

He said that the "growth of economic activity has moderated," as GDP increased "at a 1.2%-pace" in the first half of the year, "down from 2.5% last year."

Powell added that the moderation in growth "reflects a slowdown in consumer spending."

The Federal Reserve on Wednesday held interest rates steady for the fifth consecutive meeting, amid pressure from President Trump to lower the rates.

The central bank kept its benchmark lending rate at a range of 4.25% to 4.5%, which it has been since December, CNN reported.

Federal Reserve officials want to wait a little longer to see how the economy is amid Trump's trade war, but the president has repeatedly called out the bank on its wait-and-see strategy.