Federal Reserve Chair Jerome Powell is sticking to his position that the central bank will keep its key rate on hold while it waits to see how President Donald Trump’s tariffs effect the economy, defying the steady stream of criticism from the White House, which wants lower borrowing costs.

The Federal Reserve said all major banks passed this year’s stress tests, showing they can withstand a hypothetical severe economic downturn.

Federal Reserve Governor Michelle Bowman says she's open to lifting interest rates by more than the traditional quarter-point at the central bank’s next meeting in March.