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Federal Reserve expected to stand pat on rates even as Trump demands cuts

FILE - The Marriner S. Eccles Federal Reserve Board Building in Washington, Nov. 18, 2024. (AP Photo/Jose Luis Magana, File)

FILE - The Marriner S. Eccles Federal Reserve Board Building in Washington, Nov. 18, 2024. (AP Photo/Jose Luis Magana, File)

FILE - In this July 31, 2019, file photo, Federal Reserve Chairman Jerome Powell speaks during a news conference following a two-day Federal Open Market Committee meeting in Washington. (AP Photo/Manuel Balce Ceneta, File)

FILE - In this July 31, 2019, file photo, Federal Reserve Chairman Jerome Powell speaks during a news conference following a two-day Federal Open Market Committee meeting in Washington. (AP Photo/Manuel Balce Ceneta, File)