WASHINGTON — The U.S. Federal Reserve held interest rates steady for a fourth consecutive meeting Wednesday, forecasting higher inflation and cooler growth this year as President Donald Trump’s tariffs begin to take hold and geopolitical uncertainty swirls. Fed Chair Jerome Powell told reporters the central bank would make better decisions if it waited a few months to understand how tariffs impact inflation, spending and hiring, in a sign that the next rate adjustment could take some time to materialize. For now, he expects to learn more “over the summer,” while officials appear increasingly divided on whether they can cut interest rates at all in 2025. The Fed kept the benchmark lending rate at a range between 4.25 percent and 4.50 percent at the end of its two-day meeting, with officials penciling in two rate reductions this year, similar to earlier projections. But there was growing divergence among Fed officials participating in the meeting, with a smaller majority expecting the central bank to lower rates at least twice. The Fed’s decision is likely to draw the ire of Trump, who ha
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