New Delhi, Jan. 30 -- President Donald Trump's long-standing tussle with Federal Reserve Chair Jerome Powell has once again burst into the spotlight, after the central bank's leaders gave a clear signal that they would not change policies just because of political pressure.

The Federal Reserve held interest rates steady at 3.5%-3.75% target range on Wednesday, even though President Donald Trump has put the central bank and its chairman, Jerome Powell, under intense pressure to lower borrowing costs.

By refusing to cut rates, the central bank's leaders have asserted their independence from the White House, a principle that has long been upheld by central bank chiefs across the world and collectively defended.

The standoff is not just a ...