Washington - Saba:
The U.S. Federal Reserve maintained its benchmark interest rate at 4.25% - 4.5% during its meeting on Wednesday.
This decision comes amid ongoing tensions between U.S. President Donald Trump and the Federal Reserve. Trump has been pushing for a rate cut and has even threatened to dismiss Fed Chair Jerome Powell. Powell, in turn, has warned of the negative consequences of the Trump administration's policies on the U.S. economy.
The Federal Reserve had raised the interest rate to 5.25% - 5.5% in July 2023 and only cut it in September of last year—the first reduction since 2020, when rates were increased in response to the COVID-19 pandemic crisis.
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