Federal Reserve Chair Jerome Powell is sticking to his position that the central bank will keep its key rate on hold while it waits to see how President Donald Trump’s tariffs effect the economy, defying the steady stream of criticism from the White House, which wants lower borrowing costs.

The Federal Reserve left its key interest rate unchanged Wednesday after cutting it three times in a row last year, a sign of a more cautious approach as the Fed seeks to gauge where inflation is headed and what policies President Donald Trump may pursue.

President Donald Trump has pledged cheaper prices and lower interest rates, but an economy transformed by the pandemic will make those promises difficult to keep.