Fed holds rates steady as Iran war rattles global markets
The Federal Reserve left its benchmark interest rate unchanged at 3.5 to 3.75% on Wednesday, citing persistent inflation pressures, slowing job growth and rising global uncertainty tied to the war with Iran. The decision came as the Dow plunged nearly 800 points by the end of trading, reflecting mounting investor concern over the conflict’s economic fallout. Fed Chair Jerome Powell said policymakers are closely watching the situation but see no immediate need to adjust rates.