Fed chairman Jerome Powell speaks at a news conference in March. (Photo: Mark Wilson/Getty Images)

The Federal Reserve left interest rates unchanged on Wednesday as expected and indicated no change to its "patience" stance on monetary policy, as the Trump administration continues to call on the Fed to cut interest rates.

Between the lines: In a change to its policy statement, the Fed acknowledged inflation was "running below" its 2% target. However, speaking to reporters on Wednesday, Fed chair Jerome Powell said "transitory" factors were to blame for muted inflation — disappointing investors who were betting low inflation would push the Fed to cut rates this year.

Go deeper

7 mins ago - Technology

Judge temporarily halts Trump's WeChat ban

Photo: Sheldon Cooper/SOPA Images/LightRocket via Getty Images

A federal judge early on Sunday temporarily blocked a Trump administration order banning the downloads of the Chinese-owned, global messaging app WeChat.

Why it matters: The temporary injunction means WeChat will remain on Apple and Google's app stores, despite a Commerce Department order to remove the app by Sunday evening.

Bill Clinton slams McConnell and Trump: "Their first value is power"

Former President Bill Clinton on Sunday called Senate Majority Leader Mitch McConnell's (R-Ky.) vow to fill Ruth Bader Ginsburg's vacant Supreme Court seat before the next presidential inauguration "superficially hypocritical."

The big picture: Clinton, who nominated Ginsburg to the court in 1993, declined to say whether he thinks Democrats should respond by adding more justices if they take back the Senate and the White House in November. Instead, he called on Republicans to "remember the example Abraham Lincoln set" by not confirming a justice in an election year.

Pelosi: Trump wants to "crush" ACA with Ginsburg replacement

House Speaker Nancy Pelosi said on ABC's "This Week" on Sunday that President Trump is rushing to replace the late Supreme Court Justice Ruth Bader Ginsburg because he "wants to crush the Affordable Care Act."

Why it matters: Pelosi wants to steer the conversation around the potential Ginsburg replacement to health care, which polls show is a top issue for voters, especially amid the coronavirus pandemic. The Trump administration has urged the courts to strike down the law, and with it, protections for millions with pre-existing conditions.