Powell Signals Fed on Hold as Trump's Policies Take Shape

IT'S NOT A skip, it's a pause—and maybe an extended one. Federal Reserve Chair Jerome Powell made it clear on Wednesday the US central bank intends to hold interest rates in a range of 4.25%–4.5% for the foreseeable future, pointing to a number of reasons why he and his colleagues expect to take their time before lowering borrowing costs again.

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Chief among them: the wide uncertainty over how President Donald Trump's policies—in areas such as immigration, tariffs, fiscal policy, and regulation—could upend their expectations for the economy.

"The committee is very much in the mode of waiting to see what policies are enacted," Powell told reporters following the Fed's decision to leave rates unchanged.