India, Jan. 29 -- The Federal Reserve on Wednesday announced that it is leaving its key rate unchanged, at about 3.6%, after lowering it three times last year. Explaining the decision, Fed Chair Jerome Powell and the central bank said that there are signs the job market has stabilized, growth was "solid," in a clear upgrade from last month's characterization as "modest."

The Fed voted 10-2 to keep rates in the 3.5% to 3.75% range.

The Fed's decision comes as Trump has repeatedly criticized Powell for months for not sharply cutting the short-term rate. When the key rate is lowered, it tends to lower borrowing costs for things like mortgages, car loans, and business borrowing, though those rates are also influenced by market forces.

"I'd...