The Federal Reserve announces no interest rate hikes in 2019
The Federal Reserve (Fed) left its key interest rate unchanged Wednesday and projected no rate hikes in 2019, dramatically underscoring its plan to be "patient" about any further increases.
The Fed said it was keeping its benchmark rate - which can influence everything from mortgages to credit cards to home equity lines of credit - in a range of 2.25 percent to 2.5 percent.
The Fed also announced that it will stop shrinking its bond portfolio in September, a step that should help hold down long-term rates.
Federal Reserve Chairman Jerome Powell is extremely confident with the current state of the economy.
With the prospect of no rate hikes ahead anytime soon, the stock market reversed losses it had suffered before the Fed issued its statement and was up modestly soon after.
The Fed's decision was approved in a unanimous vote.
After sharply falling in December, stocks have rallied and recovered most of their late-year losses in trading since the start of 2019, a rebound credited to the Fed's more relaxed monetary stance.