The U.S. Federal Reserve has decided to keep its key interest rate unchanged during its first monetary policy meeting of this year.

After a two-day meeting of the Federal Open Market Committee, the Fed said in a statement Wednesday that it decided to maintain its key lending rate at the current range of four-point-25 percent to four-point-five percent.

The move came after the Fed had slashed the interest rate last September, November and December.

The committee meeting, which was the first to be held since the inauguration of U.S. President Donald Trump, opted to freeze the key lending rate despite pressure from Trump to cut it.

In the statement, the Fed said recent indicators show that the unemployment rate has stabilized at a low level in recent months and labor market conditions remain solid while inflation remains somewhat elevated.

The latest move kept the one-point-five percentage point gap between the Fed’s rate and that of the Bank of Korea.