Federal Reserve holds interest rates steady

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.

Federal Reserve Chairman Jerome Powell will hold a press conference on the central bank's interest rate decision at 2:30 p.m. ET.