Fed holds interest rates steady, pausing rate cuts amid economic uncertainty

Fed's pause in rate cuts comes amid uncertainty over labor market and inflation

Eric Revell / FOXBusiness

The Federal Reserve on Wednesday announced it will leave interest rates unchanged, breaking a streak of three straight rate cuts amid uncertainty over the labor market and inflation.

Fed policymakers voted to leave the benchmark federal funds rate unchanged at its current range of 3.5% to 3.75%. The move follows 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 along with inflation continuing to run hotter than the Fed's 2% target prompted policymakers to put rate cuts on pause, after they were deeply divided over the decision to cut in December. 

The Federal Open Market Committee (FOMC) voted 10-2 in favor of leaving rates unchanged, with dissents by Fed Governors Stephen Miran and Christopher Waller, who were in favor of 25 basis point cuts. Read more, see charts, and video here.

2010 Obama clip goes viral where he defends deportations, even of those ‘just trying to earn a 

living’

President Obama called out those who suggest he 'ignore the laws on the books and put an end to deportation until we have better laws'

Alexander Hall / Fox News   

 

A clip of President Barack Obama in 2010 warning that halting deportations would trigger a surge in illegal immigration is going viral.

The post, made on the social media platform X, fueled sharp divisions over ICE deportation raids launched since President Donald Trump returned to the White House.

While some critics condemn the deportation of otherwise law-abiding illegal immigrants, others are argue such "mass deportations" were not only Trump’s flagship promise, but also a norm among past Democratic administrations. 

Obama was criticized by activists and media outlets during his presidency for deporting illegal immigrants who had little or no serious criminal history beyond crossing the border illegally. earning him the nickname "deporter in chief" among some critics.

The video, which has 30.1 million views, features a portion of Obama’s remarks on "Comprehensive Immigration Reform," delivered at the American University School of International Service in Washington, D.C., in 2010.