Federal Reserve says it will be ‘patient’ on rate hikes, a change likely to please Trump after he criticized earlier increases

The Federal Reserve is not in a hurry to raise interest in 2019, a change that is likely to please President Trump and Wall Street investors who urged the central bank to hit the pause button on any future interest rate increases.

The Fed opted Wednesday to leave interest rates unchanged -- at a range of 2.25 to 2.5 percent -- and the central bank signaled it was unlikely to hike soon.

“In light of global economic and financial developments and muted inflation pressures, the [Fed] will be patient as it determines what future adjustments to the target range for the federal funds rate may be appropriate,” the Fed said in a statement.

The wording was a noticeable change from last year when the Fed said that “further gradual increases” in interest rates were likely. That phrase was dropped from the statement.

The Fed described the U.S. economy as “solid,” a slight downgrade from last year when the central bank called it “strong,” but Fed leaders remain upbeat and said the most likely path for the economy is sustained growth, low unemployment and modest inflation.

“I don’t see a recession” in 2019, said Fed chair Jerome Powell earlier this month. “The U.S. economy is solid. It has good momentum coming into this year.”