Fed Chair Jerome Powell said the economy is solid — and that it’s also too early to tell how tariffs will affect it.

The Federal Reserve on Wednesday left its key interest rate unchanged, a widely expected move that comes despite enormous pressure from the Trump administration to lower it.

The Fed, in a statement announcing the decision, said that economic growth had moderated in the first half of the year but that inflation remained “somewhat elevated.”

Two Federal Reserve board officials, both appointed by President Donald Trump, dissented from the decision, which has not occurred in more than three decades — a sign of both the economic uncertainty and the political pressure on the central bank.