WATCH LIVE: Fed chair Warsh holds briefing after latest interest rate decision
Summary
The Federal Reserve was expected to keep interest rates unchanged at its Wednesday meeting as inflation picked up amid higher oil and gas prices linked to the Iran war. Chair Kevin Warsh was scheduled to hold a news conference at 2:30 p.m. EDT, less than a week before the midterm elections.Key Facts
- The Fed’s policy meeting was scheduled to conclude Wednesday.
- The article said inflation had accelerated over the previous couple of months.
- The article linked recent oil and gas price spikes to the Iran war.
- The Fed aims to bring inflation back to its 2% target.
- The Fed raised its key interest rate last month for the first time in three years, from about 3.6% to 3.9%.
- Higher borrowing costs can reduce spending and help slow inflation.
- The meeting took place less than a week before the midterm elections, amid public concerns about the cost of living.
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