Trump and MAGA hats hang above a desk as a livestream shows Jerome Powell speaking after a Federal Open Market Committee (FOMC) meeting on the floor of the New York Stock Exchange in New York on March 18, 2026. The US Federal Reserve kept interest rates unchanged Wednesday as expected, in defiance of President Donald Trump as the world's largest economy battles stubborn inflation, weak labor demand and an "uncertain" economic outlook due to the war in Iran. The Fed's 11-1 vote kept rates steady at a range between 3.50 percent and 3.75 percent, with officials flagging one expected rate cut by the end of the year. (Photo by ANGELA WEISS / AFP via Getty Images)