Developments in Middle East contributing to high level of uncertainty with economic outlook

Summary

Federal Reserve Chair Jerome Powell announced the FOMC's decision to leave the policy rate unchanged, citing a solid economy and elevated inflation partly due to rising global oil prices from the Middle East conflict. He noted high uncertainty and that monetary policy remains data-dependent. Powell also discussed his departure as Chair and the ongoing investigation closure.

• FOMC kept rates unchanged at 3.5-3.75%.
• Powell described US economy expanding at solid pace.
• Inflation elevated due to global energy price increases from Middle East conflict.
• Housing sector remained weak.
• Labor market showed little change, with low job gains.
• Monetary policy not on pre-set course.
• Powell announced this was his last press conference as Chair.
• He expressed confidence in Fed's resilience and staff.