Watch: Powell speaks as Fed bucks Trump pressure, keeps interest rates steady

Federal Reserve Chair Jerome Powell briefed reporters Wednesday afternoon after the Fed announced it would once again keep interest rates where they are at a level of 4.25 percent to 4.5 percent.

The vote, however, saw the first double dissent from Fed board officials in more than 30 years.

The central bank’s decision comes as President Trump has upped his pressure on Powell to lower rates, despite a volatile market exacerbated by his trade policies. Trump’s latest rollout of tariffs is set to go into effect Friday.

The president visited the Federal Reserve last week after Powell requested funds to renovate the buildings in Washington. Despite tension between the two, the president has recently backed off from his threats to oust the Fed chief.

The press conference was scheduled to begin at 2:30 p.m. EDT.

Watch the video replay above.