US Fed holds rates steady in Powell’s final meeting as Fed chair
Summary
The U.S. Federal Reserve kept interest rates steady at 3.5 to 3.75 percent due to inflation and labor market concerns amid the US-Israel conflict involving Iran. This was the last meeting led by Chairman Jerome Powell, as Kevin Warsh, President Trump’s nominee to replace Powell, moves forward in the confirmation process.Key Facts
- The Fed held interest rates at 3.5 to 3.75 percent.
- Inflation and pressure on the labor market influenced the decision.
- The US-Israel war involving Iran adds uncertainty to the global economy.
- Jerome Powell chaired his final meeting of the Fed’s two-day policy session.
- Economists expected the rate hold, with CME FedWatch showing 100% probability.
- The U.S. Department of Labor will release a jobs report next week.
- Kevin Warsh, nominated by President Trump to replace Powell, was approved by the Senate Banking Committee.
- The full Senate will next vote on Warsh’s nomination.
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