Federal Reserve Chair Jerome Powell is sticking to his position that the central bank will keep its key rate on hold while it waits to see how President Donald Trump’s tariffs effect the economy, defying the steady stream of criticism from the White House, which wants lower borrowing costs.

The Federal Reserve left its key interest rate unchanged Wednesday after cutting it three times in a row last year, a sign of a more cautious approach as the Fed seeks to gauge where inflation is headed and what policies President Donald Trump may pursue.

President Donald Trump has pledged cheaper prices and lower interest rates, but an economy transformed by the pandemic will make those promises difficult to keep.

Glen Boss celebrates riding Yes Yes Yes to victory at The Everest. (Mark Metcalfe/Getty Images)(CNN) - Yes Yes Yes and her jockey, Glen Boss, upset favorite Santa Ana Lane to win the prestigious Everest race, winning a record $4.8 million in prize money. The victorious three-year-old colt is trained by Chris Waller, the man that led the now-retired Winx to its unbeaten, 33-race run. The Everest is inspired by the lucrative Pegasus World Cup -- formerly the world's richest race -- and requires owners to buy one of the 12 starting gates for about $400,000. Australian wonder horse Redzel defended its crown in 2018 -- winning a staggering $9 million in the process.