Fed holds rates steady as Middle East conflict clouds inflation fight
The Fed kept interest rates unchanged, citing uncertainty from the Middle East conflict and its impact on oil prices. Inflation forecasts are up, and while officials still expect one rate cut this year, they warn of 'very high levels of uncertainty.' Higher oil prices could force the Fed to raise rates or delay cuts, which would affect Gulf economies. Fed Chair Powell also faces a Justice Department investigation as his term nears its end.
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