Federal Reserve leaves key interest rate unchanged - New head, Kevin Warsh, speaks to the media for the first time
The Federal Reserve kept its benchmark interest rate unchanged and policymakers expect borrowing costs to rise later this year, reflecting growing concerns about inflation above the U.S. central bank's 2% target.
New quarterly projections showed that nine Federal Reserve officials anticipate an interest rate hike by the end of 2026, and an updated policy statement removed language that had been used to signal the possibility of further cuts in borrowing costs in 2026.
With data showing strong U.S. employment, a relatively low unemployment rate of 4.3% and inflation well above the U.S. central bank's 2% target, many analysts had predicted the Federal Reserve would keep interest rates steady on Wednesday.
The new chairman, Kevin Warsh, focused on a discussion about why the Federal Reserve is changing its approach to communicating with the public, including changes to the so-called dot plot of economic projections by Federal Reserve officials.
Warsh appeared not to have presented an interest rate outlook as part of the central bank's quarterly forecasts, a departure from past practices by Federal Reserve chiefs.
Policymakers were widely expected to keep interest rates unchanged in the 3.50%-3.75% range, while dealing with inflationary pressures from higher oil prices driven by the Iran war.
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