US Fed chief’s plans in focus as central bank set to hold rates steady
AFP | Washington
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The US Federal Reserve is widely expected Wednesday to keep interest rates unchanged for a third straight meeting, likely the last with chairman Jerome Powell at its helm.
Powell, who has been a frequent target of President Donald Trump, is set to hold a press briefing at 2:30 pm (1830 GMT) and all eyes will now be on his future plans.
The Fed said officials reconvened at 9:00 am for the second day of their policy meeting.
Fed officials will weigh the risks of surging energy prices and snarled supply chains due to the US-Israeli war on Iran, and analysts expect another pause in rate adjustments as effects of the conflict ripple through the world’s largest economy.
The halt would keep interest rates at a range between 3.50% and 3.75%.
As Powell’s tenure as Fed chairman ends May 15, pressure is mounting for the US Senate to confirm Trump’s choice of his successor, Kevin Warsh.
The Senate Banking Committee is due to vote to advance Warsh’s nomination on Wednesday morning too, which would mark a key step forward in his confirmation.
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