Mr. Waller is under consideration by the White House to replace Mr. Powell, whose term ends in May. The Fed’s decision to stand pat will likely fuel further criticism from Mr. Trump, who has relentlessly assailed Mr. Powell for not sharply cutting short-term rates. Mr. Powell, in an unusually blunt video statement, said the subpoenas were a pretext to punish the Fed for not cutting rates more quickly. On Wednesday (January 28), Mr. Powell declined to add anything to that earlier statement. Mr. Powell noted that while consumers are gloomy in surveys, they are still spending at a healthy pace, helping propel the economy.