Federal Reserve officials are expected to keep their short-term interest rate unchanged Wednesday after three cuts last year, ignoring huge pressure for lower borrowing costs from the White House in favor of waiting to see how the economy evolves. A key issue that Chair Jerome Powell will likely address at his news conference Wednesday is how long the Fed will remain on hold. The rate-setting committee remains split between those officials opposed to further cuts until inflation comes down, and those who want to lower rates to further support hiring. In December, just 12 of the 19 participants in the committee’s meetings supported at least one more rate cut this year.
