As Fed chair, Janet Yellen helped the central bank largely achieve its mandate to engineer full employment while keeping inflation at a level that fosters growth.
President Trump has named Federal Reserve Gov. Jerome Powell to head the U.S. central bank. If confirmed by the Senate he will succeed Janet Yellen, the first woman to serve in the Fed's top post.
At what could be one of Janet Yellen's last meetings as Federal Reserve chair, policymakers decided to keep short-term rates unchanged. But analysts are looking for a rate increase next month.
President Trump could ask Janet Yellen to stay on as Fed chair, but other names are also circulating. Will the next chief lead the central bank to boost rates more quickly than currently planned?
Stanley Fischer says that despite record highs in the stock market — boosted by the Fed's low interest rates — he doesn't see a bubble. But he says the U.S. debt could be a problem if rates go up.
The Federal Reserve in October will begin unwinding the extraordinary stimulus it used to battle the Great Recession. That means that over the long run, rates on car loans and mortgages could go up.
As expected, the Federal Reserve says it will hold interest rates in a range between 1 percent and 1.25 percent, while noting job gains have been solid and the labor market continues to strengthen.
The quarter-point increase in the Federal Reserve's benchmark rate was widely expected. Rates are still near historic lows, but the increase will mean higher borrowing costs for consumers.
Central bank policymakers provided little guidance on the timing of a rate hike. They said slow growth in the first quarter it is likely transitory and that inflation is close to a goal of 2 percent.
Former Federal Reserve Chairman Ben Bernanke discusses the contradictory partisan divide in people's views of the economy, the economy's health and the problem of those left behind by economic change.