The US Federal Reserve held interest rates steady at 3.5 to 3.75%, with Chair Jay Powell signalling there is no rush to ease policy despite mounting political pressure. Strong third quarter GDP growth of 4.4%, with projections of up to 5.4%, and signs of a stabilising jobs market underpinned the decision. Powell noted that inflation was in line with expectations and rates were not 'significantly restrictive', suggesting the economy remains on solid footing. The Fed's message was clear: rate cuts are off the table for now unless economic conditions shift materially. While dissent came from Trump-aligned policymakers, broader support for a cautious stance prevailed. Markets responded calmly, with modest gains in the dollar and bond yields, while the S&P 500 was little changed. Although investors still anticipate a cut by summer, Powell's firm tone and emphasis on central bank independence suggest policy will stay data driven, even as political tensions rise.