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The Federal Reserve said Wednesday it is leaving its benchmark interest rate unchanged, resisting pressure from President Trump to lower U.S. borrowing costs as policy makers assess the economic impact of his trade policies. By the numbers The Fed said it will maintain the federal funds rate at its current range of 4.25% to 4.5%, where it’s been parked since the central bank last moved to lower short-term rates in December. The federal funds rate — the rate banks charge each other for short-term loans — helps determine what businesses and consumers pay in interest on loans and credit card…

The Fed kept its rate at 4.3% for the third straight meeting, after cutting it three times in a row at the end of last year. Many economists and Wall Street investors still expect the Fed will reduce rates this year. During a press conference after the release of the policy statement, Chair Jerome Powell underscored that the tariffs have dampened consumer and business sentiment but have yet to noticeably harm the economy. At the moment, Powell said, there’s too much uncertainty to say how the Fed should react to the duties. “If the large increases in tariffs that have…

(Bloomberg) — Oil rose after Donald Trump flagged a Thursday announcement on a trade deal, which is expected to be with the UK, as the US president faces political pressure following tariffs that rattled global markets. Most Read from Bloomberg Brent (BZ=F) climbed toward $62 a barrel after falling 1.7% in the previous session, and West Texas Intermediate (CL=F) was near $59. While Trump didn’t identify the country or details about the agreement in a Truth Social post, people familiar with the matter said it was expected to be with the UK. The news of an agreement comes ahead of…

Lyft CEO David Risher recalls the tough conversations with his late mother about the realities of aging. “One of the most unpleasant conversations I ever had with her was, ‘Mom, I think it’s time for you to turn over the car and keys,’” Risher tells Fortune. His personal experience—coupled with the demographic shift where 80 million people are expected to be 65 and older by 2040—pushed the CEO to consider how the multi-million-dollar rideshare company can better serve older adults. Today, less than 6% of Lyft’s passengers are over 65, according to data provided by the company. This week, Lyft…

Anna Moneymaker/Getty Images President Donald Trump has called for the Fed to cut rates, but the central bank is in a tough spot. One-year inflation expectations are surging, while data doesn’t yet indicate a cut is needed. President Donald Trump has been making increasingly urgent calls for the Federal Reserve to cut interest rates, but the central bank is in a tough spot. As the Fed kicks off its May policy meeting on Tuesday, there’s little expectation of a rate cut, but the chance of rates coming down at later meetings is also low, JPMorgan analysts said. The bank sees…

(Bloomberg) — Oil pushed higher after rallying more than 3% in the previous session as the US and China agreed to start trade negotiations, raising optimism that tensions between the world’s two biggest economies may ease. Most Read from Bloomberg Brent (BZ=F) rose toward $63 a barrel and West Texas Intermediate (CL=F)was near $60. US Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer will meet with Chinese officials in Switzerland later this week, the first confirmed discussions since President Donald Trump imposed sweeping tariffs. Oil has trended lower since late January due to escalating trade frictions and plans by…

Crude oil prices plunged to a multi-year low following OPEC+’s decision to accelerate production hikes for June. During Monday’s Asian session, Brent futures slumped as much as 4.6% to $58.50 per barrel, while West Texas Intermediate futures dropped nearly 5% to $55.53 per barrel at a point, both at their lowest levels since February 2021. On Saturday, eight OPEC+ members agreed to raise output by 411,000 barrels per day (bpd) next month, extending the group’s ongoing plan to unwind production cuts that began in April. The cumulative increase will reach 957,000 bpd in June, further weighing on prices already pressured…

(Bloomberg) — Oil dropped after OPEC+ agreed to another large output increase, raising concern that additional supply could lead to a global glut just as the trade war threatens demand. Most Read from Bloomberg West Texas Intermediate futures fell 2% to settle just above $57 a barrel, a fresh four-year low for the closing price, amid thinner trading due to a UK holiday. OPEC and its allies agreed on Saturday to continue loosening supply constraints as the group’s leaders seek to punish overproducing members and win back market share. The latest hike of more than 400,000 barrels a day starting…

(Bloomberg) — A historic stock-market run came to a halt as President Donald Trump’s latest tariff remarks provided little relief to investors bracing for the impacts of his trade war on the economy and corporate earnings. Most Read from Bloomberg Not even data showing a pick-up in growth at US service providers was able to erase equity losses, with the S&P 500 set to halt its longest rally in about 20 years. While Trump suggested some trade deals could come as soon as this week, he signaled no imminent accord with China. As the president extended his restrictive policies on…

(Bloomberg) — US Treasuries fell after stronger-than-expected US employment data showed tariff uncertainty hasn’t hit the nation’s jobs market yet, prompting traders to trim bets on imminent interest-rate cuts. Most Read from Bloomberg The declines on Friday pushed yields on two- to five-year notes higher by more than 10 basis points after non-farm payrolls rose 177,000, above all estimates compiled by Bloomberg. Traders pulled back on bets for Federal Reserve rate reductions, pricing in 79 basis points of total easing this year, compared to around 90 basis points before the report. Traders pared their expectations for a rate cut in…