Federal Reserve holds interest rates steady, trims economic growth outlook

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.