The U.S. Federal Reserve held its benchmark interest rate steady coming out of its latest Federal Open Markets Committee (FOMC) meeting on Jan. 28 — marking the first rate pause since July of last year and after contentious cuts at the previous three meetings.

It keeps the rate at a range of 3.5% to 3.75% — still its lowest in more than 3 years — with the effective funds rate at 3.64%.

U.S. Federal Funds Interest Rate

The Fed maintained its dual-mandate language issued routinely in recent FOMC meeting statements for the central bank’s goals of achieving maximum employment and inflation at a 2% long-term rate, and reiterated that uncertainty about the economic outlook remains elevated.

The hold comes despite pressure from President Donald Trump and the greater administration that includes the Justice Department opening a criminal investigation into Fed Chairman Jerome Powell.

Two of the 12 Fed governors — both Trump appointees — dissented in the FOMC decision in favor of a quarter-rate point cut.

U.S. Unemployment Rate