Despite pressure from President Donald Trump to slash interest rates, the Federal Reserve was expected to stick to its wait-and-see approach.

Vice President JD Vance said Federal Reserve Chair Jerome Powell has been slow to deal with inflation and helping with trade deals. “He’s a nice guy,” Vance said in a Fox News interview Thursday, “but he’s been wrong about almost everything.

Fed Chair Jerome Powell is set to speak with reporters after the Federal Reserve's decision to hold interest rates steady amid widespread economic uncertainty tied to President Trump's tariffs.

Federal Reserve Chair Jerome Powell reiterated the need for a wait-and-see approach during a press conference following the committee's policy announcement.

The Fed leader discussed the decision to hold rates steady, the outlook for inflation and the economy, and the possible effects of tariffs.

As President Trump’s Middle East trip continues, investors are refocusing on the basics with Walmart earnings, producer inflation, remarks from Federal Reserve chairman Jerome Powell and a reported blockbuster retail merger.

European shares fell on Thursday, weighed down by steep losses in energy stocks following a drop in crude prices, while investors awaited key U.S. economic data and remarks from Federal Reserve Chair Jerome Powell.