President Donald Trump wasted no time criticizing the Federal Reserve after it held interest rates steady Wednesday, posting a message to his social media platform Wednesday afternoon arguing Fed chair Jerome Powell and the central bank "failed to stop the problem they created" on inflation.

The Fed said the job market is “solid,” and noted that the unemployment rate “has stabilized at a low level in recent months.”

The Federal Reserve has left US interest rates on hold and has signalled that it is in no rush to adjust monetary policy, defying pressure from President Donald Trump for deep reductions in borrowing costs.