The US Federal Reserve is widely expected to keep interest rates on hold when it convenes next week, despite pressure from President Donald Trump for lower borrowing costs and the launch this month of a criminal investigation into the central bank’s chair.
The Fed in December cut the benchmark rate by a quarter point to between 3.5 per cent and 3.75 per cent, taking it to a three-year low. This marked its third consecutive reduction in borrowing costs.
US inflation remained at 2.7 per cent in December, above the Fed’s target but in line with economists’ expectations. Meanwhile, the month’s jobs figure came in below expectations, in a sign that the labour market is slowing.
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