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On Wednesday, it was the entire point of view of the Federal Open Market Committee. This afternoon, The President of the Federal Reserve, Jerome Powell On Wednesday, as policymakers of the Central Bank, they made their last decision on interest rates, choosing to continue their Wait-and-See Approach after President Donald Trump’s tariff Campaign and keep the rates unaltered. Fed warnings that the economy faces growing risks of Stagflation initially sent the lowest stocks before the end of the day slightly higher.

The S&P 500 increased by 0.43% Wednesday, while the industrial average of Dow Jones obtained a gain of 0.70% near and the Nasdaq The compound increased by 0.27%.

“The uncertainty about economic perspectives has increased even more,” said Fed officials on Wednesday after the first meeting of Liberation Day. “The Committee … judges that the highest unemployment risks and the highest inflation have increased.”

In a widely anticipated movement, the Fed maintained the federal fund rate without a change from 4.25% to 4.5% in the midst of persistent uncertainty related to Trump’s tariff plans. The President’s sweep agenda includes a 10% blanket tax in other countries and 145% of tax in China. The news of empty ports and the absence of commercial agreements have left the investors anxious. That said, the market has rejected the strong sales that he experienced immediately after Trump’s tariff ads.

Trump, who has demanded that the Fed reduce interest rates, has become more and more dissatisfied with Powell and has threatened in recent weeks to leave it before Backs disabled. The president has called Powell an “important loser”, saying that his “completion cannot be quick enough.”

Powell, on the other hand, said in a Wednesday afternoon press conference that if the “major increases in the” Trump Trump are recently unilaterally implemented, it is likely to increase inflation, as well as an increase in economic growth and an increase in unemployment.

He added that the policy rate is in a good place, as the Central Bank hopes more clarity on how Trump’s tariff policies are ultimately shaking.

“We do not think we must be in a hurry. We think we can be patient,” he said, adding that Trump’s calls to the lowest rates have no “at all” effect on FED’s work.

“We always consider only economic data, perspectives, the balance of risks and it is,” said Powell. “That’s all we consider.”

Trump administration members are scheduled to meet With Chinese representatives in Switzerland this weekend in the first major conversations between the two nations since Trump announced the rates, which Powell said he could change economic perspectives.

“It seems that we are entering a new phase in which the administration begins conversation with several important trade partners and this has the potential to change the image materially or not,” he said. “It will be very important as it shakes.”

The declaration of the Committee that the highest unemployment and higher unemployment risks have grown “provides a poorly veiled critique of the import rates of the new administration,” says Samuel Tombs, the leading economist in the United States of Pantheon Macroeconomics.

It also “represents an assertion of independence,” he says. “For now, the FOMC considers these risks to be balanced evenly and wants to wait for more information before reducing the background rate.”

The Fed meets in mid -June.

This story originally presented to Fortune.com

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