(AURN News) — Interest rates are staying unchanged for now, but the Federal Reserve is warning about growing concerns within the U.S. economy.
Last week, the Federal Reserve announced there would be no change to current interest rates.
Federal Reserve Chair Jerome Powell delivered the decision while pointing to rising inflation and instability tied to global events.
“Inflation has moved up and is elevated, in part reflecting the recent increase in global energy prices,” Powell said during his opening statement.
“Developments in the Middle East are contributing to a high level of uncertainty about the economic outlook, and we will remain attentive to risks to both sides of our dual mandate,” he said.
The announcement comes as inflation has climbed to its highest level in two years and job gains continue to slow.
The press conference also marked Powell’s final appearance as Federal Reserve chair.
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