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Fed chair Jerome Powell speaks at the Economic Club of Washington earlier this month. Photo: Win McNamee/Getty Images

As expected, the Federal Reserve announced on Wednesday that it would not raise interest rates, but policymakers changed the closely watched policy statement to reflect that the central bank is in "wait-and-see" mode as it considers future rate hikes.

Between the lines: The Fed has adopted a more dovish stance in recent months — amid market volatility, shaken confidence in the global economy and criticism from President Trump. In the policy statement, officials removed language that "some further gradual [rate] increases" were coming and added that it would be "patient" in determining rate adjustments.

The Fed also signaled more flexibility in its plans for shrinking its multitrillion-dollar balance sheet. In a statement, officials said the Fed is "prepared to adjust any of the details for completing balance sheet normalization in light of economic and financial developments."

  • Late last year, Trump tweeted that the Fed should "stop with the 50 B's," referring to the $50 billion maximum the Fed can shrink the balance sheet per month.

Go deeper: Jerome Powell's obsession with inflation and economic growth

Go deeper

Why picking a jury for the Derek Chauvin trial is so hard

Illustration: Eniola Odetunde/Axios

The tough task of selecting a jury for former MPD officer Derek Chauvin's trial for the killing of George Floyd is set to begin Monday.

The state of play: "This case may be the most highly publicized criminal trial in a long time. ... That means that it's harder to find people who really have an open mind," Richard Frase, University of Minnesota Law School professor of criminal law, told Axios.

Why it's so hard to sign up for vaccinations online

Illustration: Aïda Amer/Axios

The verdict from Americans trying to get the COVID vaccine is in: the sign-up websites are awful.

Why it matters: Appointment systems are a vital part of getting Americans vaccinated, but a series of missed opportunities, at every level, left local governments scrambling. And the frustrating, confusing process now carries the risk that some people will simply give up.

Convicting police officers is rare — even when caught on video

Illustration: Annelise Capossela/Axios

Former Minneapolis police officer Derek Chauvin's trial for the murder of George Floyd stands out because it's so rare for officers to face any charges for deadly force — even for actions caught on video. But advocates hope times are changing.

Why it matters: Nearly a year after a video of Floyd's choking death went viral, advocates have pushed through proposals in states and cities to make it easier to hold police officers accountable for excessive force. The plans still face resistance from police unions.