Federal Reserve leaves interest rates unchanged as Powell’s chairmanship nears end

This story about the Federal Reserve’s April interest rate decision is developing and will be updated with further details.

The Federal Reserve on Wednesday announced it will leave interest rates unchanged amid concerns about inflation rising further amid the war in Iran.

Fed policymakers voted to leave the benchmark federal funds rate unchanged at its current range of 3.5% to 3.75%. The move follows the central bank’s decision to hold rates steady in January and March after three successive 25-basis-point rate cuts in September, October and December to close out last year.

Federal Reserve Chairman Jerome Powell is scheduled to hold a press conference at 2:30 p.m. ET to announce the move. It’s expected to be Powell’s final press conference as his term as Fed chairman is due to expire on May 15.