Fed Decides To Leave Interest Rates Unchanged
It said the economy has been growing "at a solid rate" and will continue to grow in 2019, albeit at a slower pace.
The Federal Reserve said Wednesday it has decided not to raise interest rates.
In a statement following a two-day Federal Open Market Committee meeting, the Fed said the economy has been growing "at a solid rate" and will continue to grow in 2019, albeit at a slower pace than in 2018. Despite this, the committee voted unanimously to maintain the current federal funds rate at between 2.25 and 2.5 percent.
Federal Reserve Board Chairman Jerome Powell went into more detail about the committee's decision in a press conference later in the day.
"There is elevated uncertainty around several unresolved government policy issues, including Brexit, ongoing trade negotiations and the effects from the partial government shutdown in the United States. Financial conditions tightened considerably late in 2018 and remained less supportive of growth than they were earlier in 2018. And while most of the incoming domestic economic data has been solid, some surveys of business and consumer sentiment have moved lower, giving reason for caution," Powell said.
The central bank's decision comes as a bit of a reversal from what it said in December, when it predicted there would be two rate hikes for 2019. Instead, the Fed said it would be patient for the time being and either increase or reduce rates depending on economic conditions.
Report: Gen Z accumulating debt faster than other generations
Generation Z had, on average, more than $16,000 of debt at the end of of 2022. That's an increase of 3% from earlier in the year.
Child care costs rising with more private equity firm investments
Experts are cautioning that more private equity firms investing into child care could make the affordability crisis worse.
Foot Locker closing more than 400 stores in malls
Though it's shuttering stores in malls, the company has plans for hundreds of new concept stores.
Tracking brown macroalgae in the Atlantic Ocean
A large amount of sargassum is floating eastward in the Atlantic Ocean and is expected to create beach hazards as is runs into coastlines.
Multiple students dead following shooting at Nashville school
Three students were killed in a shooting at a Nashville private Christian School on Monday, according to Scripps News Nashville.
A high school bank is teaching students financial literacy
A bank branch inside Milaca High School is giving students real-world experience managing their money.