The Federal Reserve held interest rates steady on Wednesday and gave little insight into when further reductions in borrowing costs may take place in an economy where inflation remains above target, growth continues, and the unemployment rate is low.
Emerging from their first policy meeting during President Donald Trump's second term in the White House, Fed Chair Jerome Powell said U.S. central bank officials are "waiting to see what policies are enacted" before judging their effects on inflation, employment and overall economic activity, and they are in no hurry to adjust rates further.
Trump returned to power last week with promises of import tariffs, an immigration crackdown, tax cuts and looser regulation. He also said he would demand lower interest rates and expected the Fed to listen to him. Powell, speaking in a press conference after the end of the central bank's latest two-day policy meeting, declined to respond to the Republican president's statements, and Trump himself has not yet commented on the Fed's decision to hold rates steady on Wednesday.
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