President Trump is going to have to wait a little longer.

Federal Reserve Chairman Jerome Powell — who has weathered a barrage of criticism from the president over his moves to hike interest rates last year — on Wednesday failed to immediately deliver the rate cuts Trump has been demanding.

Instead, Fed officials under Powell signaled that as many as two cuts could come before the end of the year.

Trump has lambasted Powell — who he appointed to replace Janet Yellen in late 2017 — for raising rates four times in 2018 — claiming the hikes had slowed the upward movement of the Dow Jones industrial average.

“If he did nothing, or perhaps even loosened, we would be in my opinion, just an opinion, 10,000 points higher than already a very high number,” Trump told ABC news last week, speaking of the Dow.

Fed officials signaled earlier this year that they would hold rates steady, but now seven of 17 policymakers forecast two rate cuts this year, according to projections released at the conclusion of the Federal Open Market Committee’s two-day meeting Wednesday. Only one member suggested a rate hike.

As if to give Trump a consolation prize, the Committee said Wednesday, it “will act as appropriate to sustain the expansion” — a more dovish tone than in previous meetings, when it signaled it would be “patient” about adjusting rates.

Still, Powell’s move looked like a signal that he isn’t taking orders from Trump.

The Fed disclosed its sit-and-wait approach following a Bloomberg report Tuesday that said Trump had asked White House lawyers earlier this year to review options for removing Powell from his post.

When asked Tuesday if he still wants to oust Powell, Trump, who has been pushing for lower interest rates told reporters: “Well, let’s see what he does.”

Powell, meanwhile, appeared undeterred by Trump’s criticisms and the effect it could have on his job.

“I think the law is clear that I have a four-year term, and I fully intend to serve it,” Powell said flatly in a press conference Wednesday.

The Fed’s posturing Wednesday allowed it to show its independence while still giving both Trump and the market what it wants, market strategists said.

“Powell and the FOMC had a difficult task today,” said Michael Antonelli, managing director at Baird.

“Although they didn’t give us [a rate cut] their statement and language is being viewed as a precursor to getting it sooner rather than later,” Antonelli added.

US markets gained slightly Wednesday on the Fed’s more accommodative language.

“The economy has performed reasonably well,” Powell said during Wednesday’s press conference.

But although there have been growth in jobs and wages, “cross-currents have re-emerged,” Powell warned, pointing to trade uncertainty and slowing global growth.

Fed officials also took note of May’s disappointing employment data in which only 75,000 new jobs were added — roughly 100,000 fewer than projected.

“In light of recent developments this bears watching,” Powell said Wednesday.