The Federal Reserve maintained interest rates on Wednesday, aligning with market predictions amidst ongoing economic uncertainty due to President Trump's trade policies. Recent inflation data indicated a year-over-year increase of 2.8% in February, indicating progress towards the Fed's 2% inflation target. Fed Chair Jerome Powell highlighted the importance of monitoring the effect of trade tariffs on the economy before making decisions about interest rate adjustments, underscoring the unpredictability associated with Trump's approach to trade.
The Fed is still expected to cut interest rates later this year.
Fed Chair Jerome Powell emphasized that the central bank is "very much in the mode of waiting to see" how President Trump's policies impact the economy.
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