Fed Meeting Today: Officials Leave Key Rate Unchanged as War Clouds Economic Outlook; Powell to Stay on as a Fed Governor
The Federal Reserve left its benchmark interest rate unchanged following a two-day meeting, citing uncertainty about the economic outlook due to the Iran war. Fed Chair Jerome Powell announced he will stay on as a governor after his term as Chair ends in May.
The Federal Open Market Committee decided to leave the Fed's benchmark interest rate unchanged. The decision comes as the Iran war creates uncertainty about the economic outlook. Jerome Powell, whose term as Chair ends in May, said he will continue to serve as a governor for a period of time. Powell defended the Fed's independence, citing the Trump administration's legal actions against the Fed. Four FOMC members dissented from the decision, with one voting to cut interest rates. Powell clarified that rate hikes are not on the table, and the dissenting members were seeking a neutral stance rather than a hike.
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