Federal Reserve to announce latest interest rate decision

April 29 (UPI) — Federal Reserve Chairman Jerome Powell will announce the Federal Open Market Committee’s latest interest rate decision Wednesday.

The Fed’s target interest rate remains in the range of 3.5% to 3.75% ahead of Wednesday’s announcement. Economists expect the target range to remain in place, with CME Group predicting it as a 100% certainty.

The Federal Reserve has elected to hold interest rates firm in its other two decisions this year while seeking to ease overall inflation to a rate of 2% annually. Inflation has remained well above 2% for five years.

The current rate of inflation in the United States is 3.3%.

War in Iran has dealt a blow to prices in the United States and abroad, causing energy prices to contribute heavily to overall inflation. Energy prices jumped 10.9% in March after the United States began strikes on Iran, the U.S. Bureau of Labor Statistics reported.

Oil prices have climbed for 12 consecutive days coming into Wednesday as peace talks with Iran have stalled.

The announcement will be the last under Powell’s official term as chairman, though it remains to be seen whether he stays in the role longer awaiting the appointment of a new chairman. President Donald Trump‘s nominee Kevin Warsh is currently going through the Senate confirmation process.

When Powell’s term as chairman ends, he may still remain on the Fed’s board of governors for two more years.