Fed Chair Powell: I’ll stay at the Fed until Jeanine Pirro’s probe is ‘well and truly over’ | CNN Business

• The Federal Reserve said Wednesday it is holding rates steady for the second time this year and projected one rate cut this year. • Central bank officials met this week against a backdrop of war, an energy crisis, rising costs, a probe of the Fed chair and ongoing attacks on its independence. • The conflict in the Middle East has created an energy price shock that could push up the cost of consumer goods and reignite the higher inflation the Fed has been trying to contain since 2022. • Fed Chair Jerome Powell told reporters he will stay at the central bank until a new Fed chair is in place. A Republican senator is effectively blocking confirmation of President Donald Trump’s nominee, Kevin Warsh, until the DOJ drops its investigation. Our live coverage of the Federal Reserve decision has ended. Read more about the Fed’s announcement here. US stocks closed lower Wednesday as traders grappled with hotter-than-expected inflation data, spiking oil prices and a Federal Reserve that is content to hold interest rates steady. The Dow closed lower by 768 points, or 1.63%, and hit its lowest level this year. The S&P 500 fell 1.36%, and the tech-heavy Nasdaq sank 1.46%. Stocks t