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Fed Expected to Hold Interest Rates Steady, Update Outlook Amid Iran War
Fed officials held rates at 3.5%-3.75% due to a 92,000 job loss in February and rising oil prices after Iran closed the Strait of Hormuz, causing energy market uncertainty.
- On Wednesday, the Federal Open Market Committee left the federal funds target at 3.5%-3.75%, with market indicators showing near-certain probability of a rate hold entering the meeting.
- Deteriorating job growth and pre‑conflict inflation readings framed policymakers' deliberations as U.S. employers cut 92,000 jobs in February and the February consumer price index released March 11 rose 2.4% year over year.
- The Iran energy shock added uncertainty as the Strait of Hormuz closure cut about 20% of global oil supply, pushing Brent to $102.58 on Tuesday.
- The Fed's quarterly projections, released today, show holding rates leaves mortgage, auto, and credit costs largely unchanged for American consumers, with Powell noting broad support for the hold.
- After this meeting, the FOMC reconvenes April 28-29 as Powell's term ends May 15 amid opposition from Sen. Thom Tillis over nominations.
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One little-known meeting helps decide what Americans can afford — and what they can’t
The Federal Reserve is expected to hold interest rates steady, keeping borrowing costs high for mortgages, car loans and credit cards as inflation and Iran-related uncertainty cloud the outlook.
·New York, United States
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Total News Sources65
Leaning Left8Leaning Right13Center15Last UpdatedBias Distribution42% Center
Bias Distribution
- 42% of the sources are Center
42% Center
L 22%
C 42%
R 36%
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