The greenback held steady at 0.7906 Swiss franc, after dipping as low as 0.7873 franc in the previous session. The euro was flat at $1.1802, sticking close to the overnight peak of $1.1829. Sterling edged up slightly to $1.37435, approaching Tuesday's high of $1.3787, a level last seen in October 2021.

Trump is urging the Fed to cut rates to save the U.S. government money on its interest payments affixed to the vast national debt. Yet the Fed has long resisted considering the government’s financing costs when making interest rate decisions, preferring instead to focus on the health of the economy and inflation.

The Fed’s policymakers signaled they still expect to cut rates twice this year, even as they also project that President Donald Trump’s import duties will push inflation higher. They also expect growth to slow and unemployment to edge up, according to their latest quarterly projections released Wednesday.