President Trump ripped the Federal Reserve and the man he appointed to lead it Wednesday after the central bank kept interest rates steady. In a post on Truth Social, the president accused the Fed and Powell of allowing inflation to spiral to four-decade highs in the aftermath of the COVID-19 pandemic and recession.

The Federal Reserve is nearly certain to keep its key interest rate unchanged at its policy meeting this week, just a few days after President Donald Trump said he would soon demand lower rates.

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.