No bottle of ketchup will be safe at the White House today after Federal Reserve policymakers declined to lower interest rates as the Iran war has sent oil prices soaring and threatens to ignite a new round of inflation.
BREAKING: The Federal Reserve voted to hold interest rates steady at 3.5% to 3.75% Wednesday, as soaring oil prices from the Iran war raise fears of renewed inflation. Fed Chair Jerome Powell joined an 11-1 majority in favor of holding, judging inflation a greater risk than job… pic.twitter.com/MHrKGqntbV
— Realtor.com (@realtordotcom) March 18, 2026
Via Realtor.com:
Fed Chair Jerome Powell (lead photo) joined the 11-1 majority on the Federal Open Market Committee to vote in favor of leaving the federal funds rate unchanged at Wednesday’s meeting in Washington, DC, judging inflation as a greater risk than weakness in the job market.
The decision leaves the Fed’s benchmark overnight rate unchanged in a range of 3.5% to 3.75%, where it has now stood since December. After cutting rates three times last fall, the Fed paused at January’s meeting, and the outlook for future rate cuts is growing increasingly uncertain.
Mortgage rates, which touched a three-year low of 5.98% last month, have climbed steadily higher since the U.S.-Israeli war with Iran began on Feb. 28. Average mortgage rates reached 6.11% last week, according to Freddie Mac.
Trump predictably lashed out at Powell on social media writing, “When is “Too Late” Powell lowering INTEREST RATES?”
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