The Federal Reserve left its short-term interest rate target unchanged on Wednesday.
The decision to hold the benchmark federal-funds rate steady in a range between 3.5 percent and 3.75 percent was approved on an 11 to 1 vote. Fed governor Stephen Miran, appointed to fill an unexpected vacancy last year, dissented.
The Fed is grappling with an unusual level of economic uncertainty. The Iran war has sent oil prices shooting upward, recently surpassing $105 a barrel, creating both worries about inflation and an economic slowdown. The Supreme Court recently overturned the Trump administration’s Liberation Day tariffs, which the Fed had viewed as…
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