Fed chair Jerome Powell at a news conference in October. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve said Wednesday that it would keep the benchmark interest rate at its current range of 1.5%-1.75%, a widely expected decision that ends the Fed's rate-cutting streak.

Why it matters: The central bank is confident the economy doesn't need easier borrowing conditions to stay afloat and signaled no further cuts through the 2020 presidential election, though uncertainties like the U.S.-China trade war remain. Wednesday's decision comes despite President Trump's continued push to goad the Fed to further trim rates.

Between the lines: Fed chairman Jerome Powell told reporters during a press conference that in order to move rates up, inflation would need to move up in a persistent fashion. Inflation has consistently undershot the Fed's 2% target.

  • The Fed's new dot plot released Wednesday, which lays out Fed members' interest rate projections down the line, shows interest rates eventually moving higher, not lower.
  • Still, while the Fed projects interest rates moving up sometime in the future, it sees inflation pressures remaining fairly muted.
  • "The relationship between slack in the economy and inflation is weak and has been weak," but there is still a relationship, Powell told reporters.

Fed policymakers have called out the trade war as a source of uncertainty that's hurt business investment.

  • If USMCA were enacted, "it would remove trade policy certainty and that would be a positive for the economy," Powell said.
  • Asked about the bigger source of economic uncertainty — USMCA in limbo or the U.S.-China trade war — Powell said one way to think about it is: "What's been moving financial markets ... it's been news about negations about US-China," not USMCA.

Go deeper: The market will need the Federal Reserve again in 2020

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Updated 36 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 12,859,834 — Total deaths: 567,123 — Total recoveries — 7,062,085Map.
  2. U.S.: Total confirmed cases as of 7 p.m. ET: 3,297,501— Total deaths: 135,155 — Total recoveries: 1,006,326 — Total tested: 40,282,176Map.
  3. States: Florida smashes single-day record for new coronavirus cases with over 15,000 — NYC reports zero coronavirus deaths for first time since pandemic hit.
  4. Public health: Ex-FDA chief projects "apex" of South's coronavirus curve in 2-3 weeks — Coronavirus testing czar: Lockdowns in hotspots "should be on the table"
  5. Education: Betsy DeVos says schools that don't reopen shouldn't get federal funds — Pelosi accuses Trump of "messing with the health of our children."

Scoop: How the White House is trying to trap leakers

Illustration: Sarah Grillo/Axios

President Trump's chief of staff, Mark Meadows, has told several White House staffers he's fed specific nuggets of information to suspected leakers to see if they pass them on to reporters — a trap that would confirm his suspicions. "Meadows told me he was doing that," said one former White House official. "I don't know if it ever worked."

Why it matters: This hunt for leakers has put some White House staffers on edge, with multiple officials telling Axios that Meadows has been unusually vocal about his tactics. So far, he's caught only one person, for a minor leak.

11 GOP congressional nominees support QAnon conspiracy

Lauren Boebert posing in her restaurant in Rifle, Colorado, on April 24. Photo: Emily Kask/AFP

At least 11 Republican congressional nominees have publicly supported or defended the QAnon conspiracy theory movement or some of its tenets — and more aligned with the movement may still find a way onto ballots this year.

Why it matters: Their progress shows how a fringe online forum built on unsubstantiated claims and flagged as a threat by the FBI is seeking a foothold in the U.S. political mainstream.