Prime Capital Financial CIO Will McGough examines markets and oil amid the Iran situation, earnings season and the Federal Reserve meeting on Mornings with Maria.
This story about the Federal Reserve’s April interest rate decision is developing and will be updated with more details.
I The Federal Reserve On Wednesday he announced that he would leave interest rates unchanged amid concerns about rising inflation amid the Iran war.
Fed policymakers voted to leave the benchmark federal funds rate unchanged at the current range of 3.5% to 3.75%. The move follows the central bank’s decision to hold rates unchanged in January and March after three consecutive 25 basis point cuts in September, October and December to close last year.
The Federal Open Market Committee (FOMC), the central bank’s panel responsible for monetary policy moves, voted 11-1 to leave interest rates unchanged. Fed Governor Stephen Miran opposed the 25 basis point cut.
Three other members of the FOMC – Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari and Dallas Fed President Lorie Logan – argued as they opposed the inclusion of language showing a bias toward lowering interest rates.
The chairman of the Federal Reserve Jerome Powell is scheduled to hold a press conference at 2:30 pm ET to announce the move. It is expected to be Powell’s last press conference as his term as Fed chairman will end on May 15.
Federal Reserve Chairman Jerome Powell may remain a member of the Fed’s Board of Governors after his term as chairman ends. (Li Yuanqing/Xinhua via Getty Images)
The FOMC statement noted that the war in the Middle East “contributes to a high level of uncertainty about the economic outlook,” and that the economy is growing at a low rate of job gains and inflation has been boosted by recent increases in global energy prices.
