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

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

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

Ahead of the announcement, traders had put the odds of the Fed maintaining the current rate of about 4.5% at a near certainty — despite enormous pressure from the Trump administration to lower it.

Trump has argued for lower rates in hopes of improving economic growth, arguing there is “no inflation,” while Fed officials have signaled the president’s tariffs are returning price pressures into the economy and thus require putting a lid on consumption and investment, in part by holding back on interest rate cuts.