Federal Reserve holds benchmark interest rate steady and signals one cut this year
The Facts
- The Federal Reserve kept its benchmark interest rate unchanged on Wednesday.
- The Fed kept the federal funds rate in a range of 3.5% to 3.75%.
- The decision marked the Fed's second consecutive pause in 2026.
- Fed officials said uncertainty about the economic outlook remains elevated, and several sources said the Iran war was a factor in that uncertainty.
- Updated Fed projections still showed most officials expecting at least one quarter-point rate cut later this year.
- The Fed's projections showed higher inflation expectations than in December.
- Market reaction after the decision was negative, with U.S. stocks falling and the Dow dropping sharply.
Context
Why did the Fed leave rates unchanged?
Sources say policymakers cited persistent inflation pressures and elevated uncertainty about the outlook, including the economic effects of the Iran war CBS News CBS News BBC Investing.com.
What do the Fed's new projections suggest about future rate cuts?
The projections still pointed to at least one quarter-point cut this year, but several sources said officials also raised their inflation outlook and gave little clarity on timing NYT Hindustan Times Investing.com Investing.com.
The receipts — 100 sources
Wire services (8)
Independent coverage (92)
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