Fed leaves interest rates unchanged - Sees "somewhat high" inflation and stabilization of the labor market
The Federal Reserve kept interest rates steady amid what U.S. central bank chief Jerome Powell described as a strong economy and reduced risks to both inflation and employment. That outlook could signal a long wait before any further cuts in borrowing costs.
"The economy has surprised us once again with its strength," Powell said at a news conference after Federal Reserve policymakers voted 10-2 to keep the central bank's benchmark interest rate in the 3.50%-3.75% range after a two-day meeting.
Noting broad domestic support for the decision, Powell said the Federal Reserve remains "well positioned" to assess when, or if, another interest rate cut might be needed.
"There could be combinations, an infinite number of combinations, that would make us want to move," he said, with a weakening job market or inflation heading toward the Federal Reserve's 2% target as two of those possibilities.
Since the Federal Reserve's last monetary policy meeting in December, when it approved a third straight interest rate cut, "the upside risks to inflation and the downside risks to employment have diminished. But they still exist," Powell said. "We think our policy is in a good position."
The actual interest rate decision, which was widely expected by financial markets, faded during the post-meeting press conference, as reporters asked Powell about threats to the Federal Reserve's independence and whether he intended to stay at the central bank after his term as central bank chief ends in May.
President Donald Trump has sharply criticized the Federal Reserve and Powell for failing to implement the large interest rate cuts that the president believes are necessary to stimulate the economy.
He declined to comment further on the matter, but had some advice for his successor: "Don't get caught up in elected politics," Powell said, adding that the next Federal Reserve chief must work hard to be accountable to Congress, which oversees the central bank.
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