This is CNBC’s live blog covering the Federal Open Market Committee meeting and Chair Jerome Powell’s press conference.
The Federal Reserve is widely expected to keep its overnight lending rate steady at a range of 3.5% to 3.75% when policymakers announce their decision at 2 p.m. ET on Wednesday.
Traders have their eyes set on what may be next for rate policy in the long term. They will be looking for clues in Fed Chair Jerome Powell’s news conference, slated to begin at 2:30 p.m. Fed funds futures trading data suggests there may be up to two rate cuts in 2026, according to CME Group’s FedWatch tool.
The policy decision arrives at a hectic time for the central bank. President Donald Trump last week told CNBC that he may have narrowed his search for a new Fed chair to one candidate. The Justice Department has also been investigating Powell, a move that’s raising concerns about the Fed’s independence.
Central bank policymakers kept the key interest rate at a range of 3.5% to 3.75%, a move that was widely expected by traders.
