Trump named Powell to the position back in 2018, but has been a fierce critic this year. Interest rates remain at an elevated 4.25% to 4.50% even as inflation has fallen near the Fed’s 2% target rate. Market volatility and uncertainty from Trump’s tariffs are believed to be the reasons for Powell’s wait-and-see approach.

The Federal Reserve left interest rates unchanged as inflation cools. Fed Chair Jerome Powell is expected to speak at 2:30 p.m. Follow along for live updates on the Dow, S&P 500 and Nasdaq.