The US Federal Reserve on Wednesday, 29 April, avoided surprising markets by keeping the federal funds rate unchanged for the third consecutive meeting at 3.5%–3.75%.

The US Federal Reserve on Wednesday, 29 April, avoided surprising markets by keeping the federal funds rate unchanged for the third consecutive meeting at 3.5%–3.75% amdi increased risk of inflation rising due to higher global energy prices. The Fed's decision to hold rates steady is on expected lines, as the risk of an inflation flare-up remains high due to energy prices remaining elevated for a longer period. Brent Crude prices are above the $110 per barrel as the Strait of Hormuz remains effectively closed amid stalled US-Iran talks. The US Federal Open Market Committee (FOMC) met on April 28-29 to decide the policy rates amid high uncertainty stemming from the West Asian war. This was likely the last policy meeting of Jerome Powell as the Fed chief, as his term expires on May 15. U.S. President Donald Trump has picked Kevin Warsh to lead the Federal Reserve after Powell. Meanwhile, as per news agency Reuters, the Senate Banking Committee voted along party lines to advance Warsh's nomination to the full Republican-controlled Senate, clearing a key procedural hurdle for him to succeed Powell. (This is a developing story. Please check back for fresh updates.)

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