Washington | Federal Reserve chairman Jerome Powell says it’s still too early to estimate the effect of the war in Iran on the US economy, as fighting upends global energy markets and creates a fresh supply shock that undermines the central bank’s efforts to bring down above-target inflation.
The bank held interest rates steady on Wednesday (Thursday AEDT) and projected higher inflation, steady unemployment and only a single rate cut for the year as officials took stock of the unfolding conflict in the Middle East.
