WASHINGTON (AP) — The Federal Reserve left its benchmark interest rate unchanged Wednesday after cutting it three times in a row last year, a sign of a more cautious approach as the Fed seeks to gauge where inflation is headed and what policies President Donald Trump may pursue.
In a statement, the Fed said the job market is “solid,” and noted that the unemployment rate “has stabilized at a low level in recent months.” The Fed also appeared to toughen its assessment of inflation, saying that it “remains somewhat elevated.” Both a healthier job market and more stubborn inflation typically would imply fewer Fed rate cuts in the coming months.
In a news conference Wednesday, Fed Chair Jerome Powell largely deflected questions about recent comments from President Trump, including one from last week, when Trump said he would lower oil prices and then “demand” lower rates. He also said he would speak with Powell about it. ... more