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It did so for the fifth time this year, brushing off repeated calls from President Donald Trump for a cut. The Fed鈥檚 decision Wednesday leaves its short-term rate at about 4.3%, where it has stood after the central bank reduced it three times last year. Chair Jerome Powell has said the Fed would likely have cut rates already if not for Trump鈥檚 sweeping tariffs. Mr. Powell and other Fed officials say they want to see how Mr. Trump鈥檚 duties on imports will impact inflation and the broader economy. Two Fed governors dissented in favor of a cut.