Fed keeps interest rates unchanged, notes ‘uncertain’ impact of Iran war on the US economy
CNN
Fed officials didn’t make any rate moves at their March meeting and released an updated forecast for the path of the American economy as the war in Iran stretches on.
• The Federal Reserve said Wednesday it is holding rates steady for the second time this year and projected one rate cut this year. • Central bank officials met this week against a backdrop of war, an energy crisis, rising costs, a probe of the Fed chair and ongoing attacks on its independence. • The conflict in the Middle East has created an energy price shock that could push up the cost of consumer goods and reignite the higher inflation the Fed has been trying to contain since 2022. • Still, markets overwhelmingly expected the central bank to announce a pause, leaving interest rates in the 3.5% to 3.75% range. US stocks were lower after the Federal Reserve announced its decision to hold interest rates steady, matching expectations. The Dow was down 470 points, or 1%. The S&P 500 and tech-heavy Nasdaq each fell 0.7%.
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Traffic through the strait, normally the conduit for a fifth of global oil output, has been severely curtailed since the start of the Iran conflict. But Iran itself is shipping oil through the waterway in almost the same volumes as before the war, earning the cash needed to sustain its economy and war effort.
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