Iran War Narrows Fed’s Path to a Rate Cut
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Jerome H. Powell, the Fed chair, wants to keep the central bank’s policy options open as officials stare down another economic shock that threatens to stoke inflation and crimp growth.
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On Wednesday, Mr. Powell described rates, which are set at 3.5 percent to 3.75 percent, as “borderline” restrictive, meaning the central bank’s policy settings are only marginally weighing on economic growth. That was the right place to be, he said, with inflation still too high for the Fed’s liking, the unemployment rate relatively stable around 4.4 percent and the risks to both pulling in opposite directions.
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