The Federal Reserve held its benchmark interest rate steady on Wednesday, with investors now waiting to hear from Chair Jerome Powell for further clues on the direction of monetary policy and the state of the U.S. economy. 

“Uncertainty around the economic outlook has increased,” the Fed stated in its announcement.

Investors had signaled virtually no chance of the Federal Open Market Committee (FOMC), the central bank’s rate-setting panel, lowering interest rates this month. But President Trump’s aggressive trade policies, which have triggered concerns about economic growth, have also amplified uncertainty for financial markets. 

“What holds the FOMC back from continuing to push interest rates lower at this moment is uncertainty about the Trump administration’s economic policies,” Carl Weinberg, chief economist at High Frequency Economics, wrote Wednesday in a research note ahead of the Fed’s decision. 

The Fed said it will maintain the federal funds rate at its current range of 4.25% to 4.5%. 

Most economists expect the Fed to lower interest rates two or three times this year, although that hinges on inflation continuing to move closer to the central bank’s 2% annual target.

Stocks maintained modest gains after the FOMC decision.

—This is a developing story and will be updated.