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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Virtual Emmys address chaotic year for American TV and society

Emmy Host Jimmy Kimmel during rehearsals Friday for the 72nd Annual Emmy Awards at the Staples Center in Los Angeles. Photo: Al Seib/ Los Angeles Times via Getty Images

The Emmy Awards Sunday night addressed the major U.S. issues this year — including the protests on systemic racism and police brutality, the wildfires engulfing parts of the West Coast, the census, the pandemic, essential works and the election.

Why it matters: Award shows have always addressed wider cultural issues, but this year — amid unprecedented stress and uncertainty — that trend has accelerated.

Updated 42 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 11:30 p.m. ET: 30,919,638 — Total deaths: 959,332— Total recoveries: 21,152,996Map.
  2. U.S.: Total confirmed cases as of 9:30p.m. ET: 6,799,141 — Total deaths: 199,474 — Total recoveries: 2,590,671 — Total tests: 95,108,559Map.
  3. Politics: Testing czar on Trump's CDC contradictions: "Everybody is right" Ex-FDA chief: Career scientists won't be "easily cowed" by political vaccine pressure.
  4. Education: What we overlooked in the switch to remote learning.
  5. Health: The dwindling chances of eliminating COVID-19 — 7 states set single-day coronavirus case records last week.
  6. World: England sets £10,000 fine for breaking self-isolation rules — The countries painting their pandemic recoveries green.

Arrest over letter to Trump containing poison ricin

President Trump returning to the White House from Minnesota on Sept. 18. Photo: Win McNamee/Getty Images

A suspect was arrested for allegedly "sending a suspicious letter" after law enforcement agents intercepted an envelope addressed to President Trump containing the poison ricin, the FBI confirmed in an emailed statement to Axios Sunday.

Details: The suspect, a woman, was arrested while trying to enter New York from Canada, law enforcement forces said.