Federal Reserve officials kept interest rates at a target range of 4.25% to 4.5% following the conclusion of the Federal Open Market Committee (FOMC) meeting on Wednesday.
The range has stayed the same since December when the Fed cut rates by 25 basis points or 0.25%, but the Fed indicated that reductions to the rate could occur later in the year.
“We’ll be adapting as we go,” Federal Reserve chair Jerome Powell said in a Wednesday press conference following the decision. He noted that the Fed does not need to rush to make policy adjustments and “is well positioned to wait for clarity” on President Donald Trump’s economic plans, including tariffs.
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