The US Federal Reserve held its base rate steady last night, but laid the groundwork for a cut later in the year as its chairman promised to stand his ground against a barrage of attacks from the White House.
Projections released by the central bank showed that nearly half of its officials expected a rate cut in 2019. One of the ten members of the rate-setting committee disagreed with last night’s decision and called for a 25-basis-point cut, the first show of dissent under Jerome Powell, the Fed chairman.
As the central bank at the heart of the world’s largest economy, the Federal Reserve has a considerable influence on world markets and its interest rate decisions are watched closely. Even when the Fed leaves its
