WASHINGTON, D.C. — The Federal Reserve left its benchmark interest rate unchanged Wednesday after cutting it three times in a row last year, a sign of a more cautious approach as the Fed seeks to gauge where inflation is headed and what policies President Donald Trump may pursue.
In a statement, the Fed said the job market is 'solid,' and noted that the unemployment rate 'has stabilized at a low level in recent months.' The Fed also appeared to toughen its assessment of inflation, saying that it 'remains somewhat elevated.' Both a healthier job market and more stubborn inflation typically would imply fewer Fed rate cuts in the coming months.
But excluding the volatile food and energy categories, core prices rose a more painful 2.8% from a year earlier. The Fed pays close attention to core prices because they are often a better guide to inflation's future path.Powell said the Fed wants to see 'real progress on inflation or... some weakness in the labor market before we before we consider' making further cuts.
Hold Rates Steady Sees Inflation As 'Elevated As Powell Declines Comment On Trump
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