March 18 (UPI) -- The Federal Reserve will announce its next move on interest rates, or if it will make a move at all, on Wednesday.
The interest rate decision will be the first since the United States launched a war with Iran, sending the oil market into chaos. The Fed's benchmark interest rate ahead of the announcement is at a 3.5% and 3.75% range.
Economic reports that inform the Fed's decision have indicated pressures from inflation remain and economic growth has slowed.
Wednesday's announcement will come on the heels of a producer price index report earlier in the day that showed the largest increase to the index for final demand goods since August 2023.
Last week, the U.S. Bureau of Labor Statistics reported that nonfarm payrolls fell by 92,000 in February. The unemployment rate increased to 4.4%.
