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President Donald Trump warned the U.S. economy may slow if the Federal Reserve does not move to immediately reduce interest rates, in his latest broadside against Fed Chair Jerome Powell.

The Federal Open Market Committee voted to keep the benchmark federal funds rate in a range of 4.25%-4.5%, and said it would further slow the pace at which it is reducing its balance sheet.

Bank of Canada officials acknowledged that the economic uncertainty created by a potential trade battle supported their decision to cut interest rates last month.

“We know that reducing policy restraint too fast or too much could hinder progress on inflation,” Powell said in prepared testimony for the Senate Banking Committee.

In a statement, officials repeated that inflation remains “somewhat elevated” but removed a reference to it having made progress toward their 2% goal.

WASHINGTON — The Federal Reserve cut its key interest rate Dec. 18 by a quarter-point — its third cut this year — but also signaled that it expects to reduce rates more slowly next year.

WASHINGTON — With inflation still elevated, Federal Reserve officials expressed caution at their last meeting about cutting interest rates too quickly, adding to uncertainty about their next moves.

Federal Reserve Bank of Minneapolis President Neel Kashkari said he’ll be looking at incoming inflation data to determine whether another interest-rate cut is appropriate in December.

Officials voted unanimously to lower the federal funds rate to a range of 4.5% to 4.75%. The adjustment follows a larger, half-point cut in September.

Jerome Powell stressed that the Fed’s current goal is to support a largely healthy economy and job market, rather than rescue a struggling economy or prevent a recession.