The Federal Reserve will likely keep its key short-term interest rate unchanged on Wednesday, despite harsh criticism from President Donald Trump and his demand that the Fed reduce borrowing costs.

For a third straight meeting, the Federal Open Market Committee is expected to keep its policy interest rate unchanged at 4.25%-4.50% as the Federal Reserve's policymaking arm navigates through economic uncertainty.

"Letting inflation gather steam today, by arbitrariyl holding down rates, would be a different story. This would be a message to dollar holders around the world