The Federal Reserve is expected to leave interest rates steady Wednesday as policymakers face a difficult mix of elevated inflation, higher gasoline prices and slower hiring.
The decision would come as U.S. gasoline prices have reached their highest level in four years, adding new pressure to household costs. The central bank has been trying to bring inflation under control without pushing the economy into a sharper slowdown.
Investors widely expect no change in rates, based on market pricing ahead of the announcement. The Fed also held rates steady at its previous meeting, marking a pause after three earlier quarter-point rate cuts.
The announcement may be one of the final major decisions under Fed Chair Jerome Powell. His term as chair ends May 15, though he has said he will remain in the role until a successor is confirmed.
Kevin Warsh, the nominee to replace Powell, is awaiting further action in the Senate. Warsh previously served as a Fed governor and has been associated with a more inflation-focused approach to monetary policy.
