Inflation is a concern as it affects the cost of living and purchasing power of consumers.
Interest rates remaining unchanged means less stimulus for businesses and consumers, potentially slowing down economic growth.
Falling oil prices can have a negative impact on the economy, especially in terms of transportation costs and consumer spending.
How does inflation affect the average person?
—Inflation erodes the purchasing power of money, leading to higher prices for goods and services.
Why are interest rates not being cut?
—The Federal Reserve wants to see more sustainable inflation before considering rate cuts.
How do falling oil prices impact the economy?
—Lower oil prices can reduce transportation costs and lower gas prices, which can benefit consumers. However, it can also negatively impact oil-producing companies and countries.
06:25Jerome Powell announces that the Federal Reserve will not be cutting interest rates as inflation reaches 2%.
10:32US crude oil falls below $85 a barrel as traders discount the risk of a wider war between Iran and Israel.
