Fed chair Jerome Powell said he has not talked with Trump since the president demanded last week “interest rates drop immediately.”

The Federal Reserve is widely expected to hold its key interest rate steady on Wednesday as officials wait for more data that indicates inflation is cooling.

The Federal Reserve left interest rates unchanged on Wednesday, amid a cloudy economic outlook, partly because some of President Trump’s policies could stymie the fight against inflation. Wednesday’s pause comes after the central bank cut interest rates by a full percentage point between September and December of last year.