economy
Warsh-led Fed holds rates steady
The Federal Reserve voted Wednesday to hold its interest rate target steady following the first meeting for new Fed Chairman Kevin Warsh, meaning that President Donald Trump’s long-expressed desire for the central bank to lower interest rates will be unfulfilled for now.
TL;DR
- The Federal Reserve decided to maintain its interest rate target, rejecting President Trump's calls for a decrease.
- This was the first meeting overseen by new Fed Chairman Kevin Warsh.
- The decision was unanimous, with the rate target range remaining at 3.50% to 3.75%.
- High inflation and energy costs, partly due to the Iran war, contributed to the decision.
- Warsh emphasized the Fed's "unambiguous and unanimous" commitment to bringing inflation down to 2%.