From PBS NewsHour.

The U.S. Federal Reserve expects to cut rates once this year after leaving rates unchanged for a second straight time Wednesday.

Speaking to reporters, Fed Chair Jerome Powell stressed that it’s hard to know the long-term impact of the Iran war on the economy — though, in the near term, inflation is likely to remain elevated. Wednesday’s meeting is expected to be his second to last as Fed chair.

Powell also said he has "no intention of leaving" until a Justice Department probe related to the renovation of the Fed’s headquarters is over.

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