Federal Reserve policymakers held their target interest rate unchanged Wednesday, noting that inflation is "elevated, in part reflecting the recent increases in global energy prices."
The Fed's Federal Open Market Committee (FOMC) kept the federal funds rate at 3.5-3.75pc in its third meeting of 2026, following quarter-point cuts in September, October and December last year.
"Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook," the statement said. "The Committee is attentive to the risks to both sides of its dual mandate."
"In assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook," the statement said, echoing recent language.
Of the 12 members four voted against the decision, with one voting to cut the rate and three who voted against the "easing bias" language in the statement.
