Fed Keeps Federal Funds Rate at 3.50% to 3.75% as FOMC Statement Drops Dovish Tone

At its first meeting under new Chair Walsh, the FOMC unanimously held the federal funds rate at 3.50% to 3.75%. J.P. Morgan Asset Management's Tai Hui said the policy statement was cut to about half its prior length and removed earlier dovish signals, supporting expectations the Fed stays patient and leaves rates unchanged this year.