Fed likely to ignore Trump's call to cut interest rates

WASHINGTON: The U.S. Federal Reserve, leaning back against pressure from President Donald Trump to slash interest rates, is expected to leave borrowing costs unchanged on Wednesday as it maintains a 'patient' monetary policy stance amid strong economic growth.

The unorthodox advice - more in line with what economists on the far left of the political spectrum might advocate - is likely to go unheeded by a central bank that views its current target interest rate as roughly where it should be to keep the growing U.S. economy on an even keel. U.S. employers added nearly 200,000 jobs in March, evidence of continued strength in the labor market and a sign as well that the Fed's four rate hikes in 2018 had not constrained the economy.With no clear reason to cut or raise rates at this point, the focus on Wednesday will be on whether the policy-setting Federal Open Market Committee provides any new signal about its likely plans, said Cornerstone Macro analyst Roberto Perli.

The Fed is due to release its latest policy statement at 2 p.m. EDT . It will not provide new economic or interest rate projections, but Chairman Jerome Powell is scheduled to hold a press conference shortly after.

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