Fed Keeps Rates Unchanged After Tense Meeting, Though Three Policymakers Break Ranks
Following one of the most closely watched gatherings in recent memory, the Federal Reserve opted Wednesday to leave its benchmark interest rate untouched, voting 9-3 to maintain the federal funds rate within its current band of 3.5% to 3.75%.
The Fed's decision to hold rates was far from unanimous. Three regional bank chiefs, Cleveland's Beth Hammack, Minneapolis's Neel Kashkari, and Dallas's Lorie Logan, voted against the majority, a notable split that comes as inflation has now lingered above the central bank's 2% goal for over half a decade.
Chair Kevin Warsh has consistently pushed for offering investors fewer hints about the Fed's future policy path. Central bank officials remain watchful of persistent price pressures while the ongoing Iran conflict adds uncertainty to the broader economic picture.
Market participants are expected to dissect Warsh's post-meeting press conference for any indication of whether policymakers might be tilting toward a rate increase before year-end.
Spot gold price today was on the way down but it bounced back after the Fed's decision to hold the interest rates. At the time of this article's publication, gold was trading at ~$4,089 per ounce. Meanwhile, silver has been trading slightly over $58.3 per ounce. Miner stock prices, like FNV price today, have been doing pretty well too post Fed's announcement. Most of them have been going up by over 1% in the past 24 hours.
Oil prices have also been jumping, with WTI price has been going up to over $84 per barrel.
Related assets: Gold, Silver, Crude Oil, Brent Crude, Palladium, Platinum