Fed holds rates steady, bucking Trump pressure

What happened

The Federal Reserve Wednesday voted to keep its benchmark interest rate unchanged at 3.5% to 3.75%, resisting pressure from the White House for further cuts. It was the central bank’s first rate pause since July.

Who said what

“The economy has once again surprised us with its strength,” Fed Chair Jerome Powell said at a news conference. The outlook “has clearly improved since the last meeting,” and while consumer spending is “uneven across income categories,” the...