The Federal Reserve's decision on Wednesday, which was widely expected, keeps the federal funds rate between a range of 5.25% to 5.5%, a 22-year-high.
The Federal Reserve left interest rates unchanged at its March meeting for the fifth straight time as inflation remains high for many Americans. Policymakers also clarified that plans to cut rates may be pushed out further but remained committed to three this year. "The economic outlook is uncertain, and the Committee remains highly attentive to inflation risks," policymakers noted in a statement.
Oil prices have also started to tick up, with West Texas Intermediate crude hovering above $80 per barrel, while Brent prices, the global benchmark, are near $86 a barrel. The average price for gas is $3.52 a gallon up from $3.44 a year-ago, as tracked by AAA.
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