President Donald Trump has relentlessly attacked Fed Chairman Jerome Powell since he retook office, most recently calling him a “fool” Thursday morning after the Fed chose to hold interest rates steady the day prior.

The central bank held steady on rates, keeping them at a range of 4.25% to 4.5%, but highlighted rising inflation risk.

Federal Reserve Chair Jerome Powell reiterated the need for a wait-and-see approach during a press conference following the committee's policy announcement.

A prominent House Republican who is in charge of a monetary policy task force told Yahoo Finance he still supports Jerome Powell as Federal Reserve chair on a day when President Trump once again criticized the central bank boss for not lowering interest rates.

Wall Street bounced between small gains and losses as markets await retail sector data and hints from the Fed.

Despite concerns that President Donald Trump's tariffs and the resulting decline in orders on imports to the U.S. could lead to "empty shelves" and higher prices for consumers, Powell said he doesn't see their impact showing up in the data yet.

Earnings: Cisco Systems reports earnings after the bell. Fed Speakers: Governor Christopher Waller and Vice Chair Philip Jefferson are due to speak. Thursday, May 15 Fed Speaker: Chair Jerome Powell is expected to give remarks around 8:40 a.

President Trump repeated his call for the Federal Reserve to cut interest rates after April's inflation report was cooler than expected.