US Federal Reserve Chair Jerome Powell departs after holding a press conference following the Federal Open Market Committee meeting at the Federal Reserve Board Building in Washington, DC, on March 18, 2026. The US Federal Reserve kept interest rates unchanged Wednesday as expected, in defiance of President Donald Trump as the world's largest economy battles stubborn inflation, weak labor demand and an "uncertain" economic outlook due to the war in Iran. The Fed's 11-1 vote kept rates steady at a range between 3.50 percent and 3.75 percent, with officials flagging one expected rate cut by the end of the year. (Photo by Brendan SMIALOWSKI / AFP via Getty Images)

US Federal Reserve Chair Jerome Powell departs after holding a press conference following the Federal Open Market Committee meeting at the Federal Reserve Board Building in Washington, DC, on March 18, 2026. The US Federal Reserve kept interest rates unchanged Wednesday as expected, in defiance of President Donald Trump as the world's largest economy battles stubborn inflation, weak labor demand and an "uncertain" economic outlook due to the war in Iran. The Fed's 11-1 vote kept rates steady at a range between 3.50 percent and 3.75 percent, with officials flagging one expected rate cut by the end of the year. (Photo by Brendan SMIALOWSKI / AFP via Getty Images)

A livestream shows Jerome Powell, chairman of the US Federal Reserve, speaking after a Federal Open Market Committee (FOMC) meeting on the floor of the New York Stock Exchange (NYSE) in New York on March 18, 2026. The US Federal Reserve kept interest rates unchanged Wednesday as expected, in defiance of President Donald Trump as the world's largest economy battles stubborn inflation, weak labor demand and an "uncertain" economic outlook due to the war in Iran. The Fed's 11-1 vote kept rates steady at a range between 3.50 percent and 3.75 percent, with officials flagging one expected rate cut by the end of the year. (Photo by ANGELA WEISS / AFP via Getty Images)

US Federal Reserve Chair Jerome Powell departs after holding a press conference following the Federal Open Market Committee meeting at the Federal Reserve Board Building in Washington, DC, on March 18, 2026. The US Federal Reserve kept interest rates unchanged Wednesday as expected, in defiance of President Donald Trump as the world's largest economy battles stubborn inflation, weak labor demand and an "uncertain" economic outlook due to the war in Iran. The Fed's 11-1 vote kept rates steady at a range between 3.50 percent and 3.75 percent, with officials flagging one expected rate cut by the end of the year. (Photo by Brendan SMIALOWSKI / AFP via Getty Images)

A livestream shows Jerome Powell, chairman of the US Federal Reserve, speaking after a Federal Open Market Committee (FOMC) meeting on the floor of the New York Stock Exchange (NYSE) in New York on March 18, 2026. The US Federal Reserve kept interest rates unchanged Wednesday as expected, in defiance of President Donald Trump as the world's largest economy battles stubborn inflation, weak labor demand and an "uncertain" economic outlook due to the war in Iran. The Fed's 11-1 vote kept rates steady at a range between 3.50 percent and 3.75 percent, with officials flagging one expected rate cut by the end of the year. (Photo by ANGELA WEISS / AFP via Getty Images)

US Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Market Committee meeting at the Federal Reserve Board Building in Washington, DC, on March 18, 2026. The US Federal Reserve kept interest rates unchanged Wednesday as expected, in defiance of President Donald Trump as the world's largest economy battles stubborn inflation, weak labor demand and an "uncertain" economic outlook due to the war in Iran. The Fed's 11-1 vote kept rates steady at a range between 3.50 percent and 3.75 percent, with officials flagging one expected rate cut by the end of the year. (Photo by Brendan SMIALOWSKI / AFP via Getty Images)

Traders work on the floor of the New York Stock Exchange (NYSE) in New York on March 18, 2026. The US Federal Reserve kept interest rates unchanged Wednesday as expected, in defiance of President Donald Trump as the world's largest economy battles stubborn inflation, weak labor demand and an "uncertain" economic outlook due to the war in Iran. The Fed's 11-1 vote kept rates steady at a range between 3.50 percent and 3.75 percent, with officials flagging one expected rate cut by the end of the year. (Photo by ANGELA WEISS / AFP via Getty Images)

US Federal Reserve Chair Jerome Powell speaks during a press conference following the Federal Open Market Committee meeting at the Federal Reserve Board Building in Washington, DC, on March 18, 2026. The US Federal Reserve kept interest rates unchanged Wednesday as expected, in defiance of President Donald Trump as the world's largest economy battles stubborn inflation, weak labor demand and an "uncertain" economic outlook due to the war in Iran. The Fed's 11-1 vote kept rates steady at a range between 3.50 percent and 3.75 percent, with officials flagging one expected rate cut by the end of the year. (Photo by Brendan SMIALOWSKI / AFP via Getty Images)