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President Donald Trump wasted no time criticizing the Fed after it held rates steady Wednesday, arguing Jerome Powell and the central bank "failed to stop the problem they created" on inflation.

The Trump administration rescinded its controversial memo ordering a freeze on federal aid and grant programs Wednesday but insisted it would still follow through on plans to pause certain types of federal spending.

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After several months in which inflation data have largely moved sideways, the U.S. central bank dropped from its latest policy statement language saying that inflation "has made progress" towards the Fed's 2% inflation goal. The Fed is now in a holding pattern as officials await further inflation and jobs data and clarity on the impact of President Donald Trump's policies.

The Federal Reserve's policy committee voted to hold its key interest rate steady Wednesday. Stubborn inflation and a resilient labor market in recent months have curbed the central bank's appetite for more rate cuts.

Fed Chair Jerome Powell is taking questions from journalists after the central bank held interest rates steady following three consecutive cuts at the end of 2024.