The rate-setting Federal Reserve did not heed Trump’s insistence last week demanding “interest rates drop immediately.”

The Federal Reserve is nearly certain to keep its key interest rate unchanged at its policy meeting this week, just a few days after President Donald Trump said he would soon demand lower rates.

Central bank policymakers are widely expected to stand pat on interest rates. Investors await further details from Fed Chair Jerome Powell’s press conference.

The dollar index (DXY00) today is up by +0.05%. The dollar is climbing with T-note yields today after the hawkish US Jan payroll report reduced the chances to 8% from 16% for a Fed rate cut at next month’s FOMC meeting.