The FOMC cited a strong labor market, a moderate rise in economic activity, low unemployment rate and "solid" job gains for its decision.
Wednesday's decision came after weeks of pressure from the White House to cut interest rates for the first time in 11 years. Trump said lower rates would strengthen U.S. and global economies and low inflation means the Fed shouldn't have raised rates in March.
Asked whether he was considering demoting Powell from chairman -- an unprecedented move -- Trump declined to confirm.
"They're going to be making an announcement pretty soon," he told reporters, referring to Wednesday's decision. "I want to be given a level playing field, and so far I haven't been."