Federal Reserve holds interest rates steady

The Federal Reserve on Wednesday announced it will leave interest rates unchanged amid a softening labor market and growing uncertainty over the war in Iran.

Fed policymakers voted to leave the benchmark federal funds rate unchanged at its current range of 3.5% to 3.75%. The move follows the central bank's decision to hold rates steady in January after three successive 25-basis-point rate cuts in September, October and December to close out last year.

Economic data showing a slowdown in the labor market, inflation continuing to run hotter than the Fed's 2% target and the unrest in Iran prompted policymakers to continue to pause rate cuts.

The Federal Open Market Committee (FOMC) voted 11-1 in favor of leaving rates unchanged, with the lone dissent by Fed Governor Stephen Miran, who was in favor of a 25 basis point cut.

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