The Fed and chair Jerome Powell are likely to hold interest rates steady as he faces a criminal investigation launched by President Donald Trump's close ally.

The Federal Reserve is nearing an interest rate decision at its January meeting. Jerome Powell is under growing pressure amid a DOJ investigation.

Jerome Powell had little to say about the biggest questions hanging over the Federal Reserve. The central bank voted Wednesday to keep interest rates unchanged, with two governors dissenting in favor of a quarter-point cut. Powell said the economy remains strong and that rate hikes were not on the table.

The January meeting marks the first since Fed Chair Jerome Powell confirmed the Department of Justice subpoenaed the central bank.

Trump has urged the Fed to significantly lower interest rates.

Federal Reserve Chairman Jerome Powell is set to deliver the central bank’s decision on interest rates in a press conference on Wednesday afternoon following a two-day policy meeting. The embattled chairman faced the ire of President Donald Trump last year for refusing to lower national interest rates.

Federal Reserve Chair Jerome Powell painted an upbeat picture of the economy at his latest press conference, suggesting the Fed could take its time in cutting interest rates.