U.S. Federal Reserve keeps interest rate unchanged despite pressure from Trump

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The U.S. Federal Reserve on Wednesday kept the target range for the federal funds rate unchanged at 4.25 percent to 4.5 percent, though it faces stark pressure and harsh criticism from the Trump administration.

"Although swings in net exports continue to affect the data, recent indicators suggest that growth of economic activity moderated in the first half of the year. The unemployment rate remains low, and labor market conditions remain solid. Inflation remains somewhat elevated," said a statement by the Federal Open Market Committee (FOMC).

Uncertainty about the economic outlook remains elevated, said the statement.

The U.S. economy expanded at an annualized rate of three percent in the second quarter, compared with a contraction of 0.5 percent in the first quarter, according to data released Wednesday by the U.S. Commerce Department.

The FOMC added that it is "strongly committed to supporting maximum employment and returning inflation to its two percent".