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Fed chairman Jerome Powell. Photo: Justin Sullivan/Getty Images

As expected, the Federal Reserve said it would hold off on raising interest rates and signaled that the central bank will not raise interest rates any time this year.

Why it matters: The Fed has backed off its hawkish interest rate hike plans seen as recently as late last year, amid concerns that "growth of economic activity has slowed from its solid rate in the fourth quarter," officials said in the policy statement released on Wednesday.

  • In a separate release, the Fed said it would stop shrinking the multitrillion-dollar balance sheet it amassed during the financial crisis by the end of September. Fed chair Jerome Powell told reporters during a news conference that the final size of the balance sheet would be "a bit above" $3.5 trillion from a peak of $4.5 trillion.
  • Balance sheet shrinkage was widely blamed for the stock market volatility seen at the end of last year.

Details:

  • Fed officials also ratcheted down expectations for economic growth, saying GDP would come in at 2.1% this year versus the 2.9% projected at December's Fed meeting.
  • Their projections for unemployment this year were higher at 3.7% from the 3.5% they anticipated in December.

Between the lines: Powell maintains that the Fed is an apolitical institution and hasn't been swayed by the president's unprecedented criticism of the central bank. However, Trump did get everything he asked for: a stoppage on interest rate hikes and the end of the balance sheet runoff.

Go deeper

Updated 4 hours ago - Politics & Policy

Report: Pentagon watchdog finds Ronny Jackson drank on duty and harassed staff

Rep. Ronny Jackson walking through the Canon Tunnel to the U.S. Capitol in January. Photo: Stefani Reynolds/Getty Images

Rep. Ronny Jackson (R-Texas) allegedly made "sexual and denigrating" comments about a female staffer, drank alcohol and took sleeping medication while working as White House physician, according to a report obtained by CNN Tuesday night.

Driving the news: The Department of Defense inspector general's report stems from a years-long investigation. Jackson has called the allegations "false and fabricated."

DOJ pressed to enforce Al Jazeera foreign agent ruling

Illustration: Aïda Amer/Axios

The Justice Department is being pressed to enforce its own demand that the U.S. arm of Qatari broadcaster Al Jazeera register as a foreign agent.

Why it matters: The launch of Al Jazeera's new right-of-center U.S. media venture, Rightly, has refocused attention on the media company's alleged links to Doha, and DOJ's efforts to crack down on media outlets viewed as foreign interest mouthpieces.

Poll: Immigration is America's most-polarizing issue

Data: The American Aspirations Index/Populace; Chart: Will Chase/Axios

Immigration was found to be the most polarizing issue in America based on new polling from Populace.

Why it matters: Americans have surprisingly similar priorities for the U.S., but immigration stands out as one of the few issues with clear partisan differences. It underscores the challenge for advocates and lawmakers hoping to pass immigration reform in the coming weeks amid narrow margins in Congress.