FOMC holds rate steady amid Iran war

The Federal Open Market Committee voted to hold the target range for the federal funds rate at 3‑1/2 to 3‑3/4 percent.

The issued statement reads:

“Uncertainty about the economic outlook remains elevated. The implications of developments in the Middle East for the U.S. economy are uncertain. The Committee is attentive to the risks to both sides of its dual mandate.”

All FOMC board members voted for the rate hold, except Stephen I. Miran, who preferred to lower the target range for the federal funds rate by 1/4 percentage point.