Summary
The Federal Reserve, led by Chair Jerome Powell, held a two-day meeting and decided to keep short-term interest rates unchanged. The ongoing conflict with Iran has led to higher oil and gas prices, affecting inflation projections for the year.
Key Facts
- The Federal Reserve held a two-day meeting ending on a Wednesday.
- Fed Chair Jerome Powell is expected to announce that rates stay at about 3.6%.
- The Fed’s decision comes amidst rising oil and gas prices due to the Iran conflict.
- There is uncertainty about whether the Fed will cut rates this year.
- The conflict with Iran started on February 28 under the Trump administration.
- The Fed might need to revise its inflation forecast higher due to recent events.
- Previously, in December, inflation was projected to fall to 2.6% by year-end.
