The Federal Reserve left interest rates untouched at its Open Market Committee meeting on Wednesday, the first time it hasn’t cut them since July. 

In a statement after the meeting, the 12-member body said that while economic activity has been expanding at a solid pace, job growth has remained low, and inflation is “somewhat elevated.”  

Two members appointed by President Trump — Stephen Miran and Christopher Waller — voted against the decision to leave the target range for the federal funds rate at 3.5% to 3.75% because they wanted another cut, while the rest voted in favor of it. 

The Fed has a dual mandate to achieve maximum employment and keep inflation below 2%. 

“Uncertainty about the economic outlook remains elevated,” the Fed said. “The Committee is attentive to the risks to both sides of its dual mandate.” 

The Fed began cutting rates in September after the nation’s economic outlook began to soften. The housing industry has been eager for more cuts to help improve affordability, which has stymied the pace of home sales over the last couple years. Observers expect the Fed to cut rates at least 0.25% this year.

“While the Federal Reserve is maintaining interest rates in order to try to bring inflation levels closer to its target, uncertainties surrounding the economy remain elevated,” Cotality Chief Economist Selma Hepp said. “The job market remains a sticking point, even though the economy as a whole remains on solid ground. With tariffs continuing to impact pricing on so many consumer products, pressure will remain to find stronger solutions that would help lower the cost of everyday items for families.”