The U.S. Federal Reserve announced on Wednesday that it is not lowering interest rates, keeping them steady at 4.25 to 4.5%.

"Although swings in net exports have affected the data, recent indicators suggest that economic activity has continued to expand at a solid pace," the Federal Open Market Committee (FOMC) said in a press release. "The unemployment rate remains low, and labor market conditions remain solid. Inflation remains somewhat elevated."

The Federal Reserve last cut interest rates in December. Despite increasing pressure from Donald Trump, Chair Jerome Powell has refused to lower them further.