The chair acknowledged that if the Fed cut its rate too soon, inflation could move higher, and if it cut too late, then the job market could suffer.

U.S. President Donald Trump again criticised Federal Reserve Chairman Jerome Powell on Thursday, a day after the U.S. central bank held interest rates steady in a 9-2 vote. "Jerome “Too Late” Powell has done it again!

The Federal Reserve kept interest rates unchanged at between 4.25% and 4.5% following the most recent Federal Open Market Committee meeting Wednesday. The Fed’s decision could be felt by President Trump as a rebuke after Trump continuously called for the Fed and Chairman Jerome Powell to cut rates.