Fed set to hold interest rates steady in last decision before midterms
Summary
The Federal Reserve is expected to keep interest rates unchanged at its final rate-setting meeting before the midterm elections, after raising them last month for the first time since 2023. Inflation remains above the Fed’s 2% target, with September’s annual rate reported at 3.7%; officials have indicated they may pause before considering another increase later this year.Key Facts
- The article says the Fed is expected to leave rates unchanged at its Wednesday meeting.
- The Fed raised rates last month for the first time since 2023, citing rising inflation.
- Inflation has remained above the Fed’s 2% target for years, according to the article.
- The annual inflation rate rose from 3.4% in August to 3.7% in September.
- Fed governor Christopher Waller said rate increases need not happen at consecutive meetings.
- The article attributes much of this year’s price increases to the war in the Middle East and the closure of the Strait of Hormuz.
- Oil prices briefly rose above $117 a barrel earlier this week, the article reports.
- The economy is expected to be a major issue in the upcoming midterm elections.
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