President Trump on Wednesday said the Federal Reserve had “failed to stop the problem they created with inflation” and had done a “terrible job on bank regulation” in a post on Truth Social. His rebuke came hours after the Fed held interest rates steady and gave little insight into when further reductions in borrowing costs may take place.

The Federal Reserve will hold its first policy meeting of the year on Jan. 28 and 29, where it is widely expected to keep interest rates right where they are after cutting three times since September.