What to know : As expected, the Federal Reserve left its benchmark fed funds rate range unchanged at 3.50%-3.75%. Chairman Jerome Powell's post-meeting press conference begins at 2:30 PM ET.
The Federal Reserve held its benchmark fed funds rate range steady at 3.50%-3.75% on Wednesday, as expected.
Down nearly 4% ahead of the anticipated decision following a surge in oil prices and poor inflation data earlier on Wednesday, bitcoin remained sharply lower at $71,600 in the moments following the news.
Market participants are also not expecting the Fed to cut rates at its next meeting on April 29, with the CME FedWatch Tool indicating a 97% probability that rates will remain unchanged. Only one additional rate cut is currently priced in by the end of the year.
The U.S. central bank must balance what appears to be a slowing employment market with inflation that remains well above its 2% target. Adding to that is the March attack against Iran, which has sent the price of oil to nearly $100 per barrel versus less than $60 earlier this year.
Investors will now turn their attention to Federal Reserve Chair Jerome Powell’s post-meeting press conference at 2:30 pm ET for further insight into the central bank’s outlook.
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