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Watch live: Powell gives remarks as Federal Reserve keeps rates steady amid Iran conflict

What happened

The Federal Reserve kept interest rates unchanged as Chair Jerome Powell warned that rising energy prices from Middle East conflict could fuel inflation. Global stocks and bonds fell sharply after oil and gas prices surged amid concerns about the war's economic impact. The decision comes during a second day of major central England 'ready to act' as it warns Iran war 'shock' will push up inflati">bank meetings as markets grapple with geopolitical uncertainty.

Why people care

The intersection of military conflict and monetary policy is creating significant economic uncertainty. Rising energy costs could force the Fed to maintain higher rates longer, affecting everything from mortgages to business loans for millions of Americans.

The takes

Market concern

Rising oil and gas prices from Middle East conflict are stoking fears of renewed inflation and economic stagflation. Global markets are responding with widespread selling as investors worry about growth prospects and the potential for prolonged higher interest rates.

Fed position

The Federal Reserve is taking a measured approach by holding rates steady while monitoring evolving conditions. Chair Powell acknowledges energy price pressures on inflation but suggests the central bank is prepared to adjust policy as the situation develops.

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