Economy · Markets
—The decision. The US Federal Reserve held its benchmark interest rate steady in a range of 3.50% to 3.75%, a unanimous vote.
—The surprise. Its new forecasts turned notably tougher, with most officials now expecting rates to rise rather than fall this year.
—The debut. It was the first meeting led by new chair Kevin Warsh, who used it to overhaul how the Fed talks to the public.
—The inflation call. The Fed lifted its 2026 inflation forecast sharply, to 3.6%, citing energy prices and the Middle East conflict.
