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Fed meeting live updates: FOMC holds rates steady as oil prices soar

The Bureau of Labor Statistics published new consumer price index data last Wednesday, showing the inflation rate held steady at 2.4% in February as expected. Core inflation, which excludes volatile food and energy prices, also held steady at 2.5%.

However, that report was based on data mainly gathered before the start of the Iran war, which could heat up inflation and jeopardize progress toward the 2% goal. Economists expect to see the effects of the oil shock from the Iran war as soon as the next report.

The Bureau of Labor Statistics published new consumer price index data last Wednesday, showing the inflation rate held steady at 2.4% in February as expected. Core inflation, which excludes volatile food and energy prices, also held steady at 2.5%.

However, that report was based on data mainly gathered before the start of the Iran war, which could heat up inflation and jeopardize progress toward the 2% goal. Economists expect to see the effects of the oil shock from the Iran war as soon as the next report.

Oil prices remain elevated as the Strait of Hormuz remains largely closed off. Gas prices are up from a month ago, and there are other factors affecting what consumers pay at the pump, such as higher demand in the spring.

Alexandra Wilson-Elizondo, global co-chief investment officer of multi-asset solutions at Goldman Sachs Asset Management, said February data “was collected before the conflict in Iran sent crude oil surging roughly 30%, with natural gas, aluminum, fertilizer, freight rates, and shipping insurance moving higher with it.”

“The Strait of Hormuz remains the wildcard, and if disruption is sustained, the inflation improvement embedded in today’s print could reverse quickly,” Wilson-Elizondo said in commentary following the CPI report.




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Mortgage rates are back below 6%, the lowest since 2022

Prospective homebuyers are seeing the lowest 30-year fixed mortgage rates since 2022.

The average rate on the 30-year fixed mortgage fell to 5.99% on Monday, according to the Mortgage News Daily Rate Index.

The drop ties the lowest level since 2022 and marks a sharp decline from 6.89% a year ago. In late 2023, rates surged to around 8%, the highest level in years.

The move came after a stock-market sell-off pushed investors into bonds. That lowered Treasury yields and mortgage rates as markets assessed the Supreme Court’s Friday ruling on President Donald Trump’s use of emergency tariff powers.

Lower home borrowing costs are expected to fuel refinancing activity, which has already been gaining momentum.

Applications to refinance a home loan are up roughly 130% from a year ago, according to the Mortgage Bankers Association’s survey for the week ending February 13.

Still, falling rates have yet to translate into a meaningful pickup in homebuying. Pending home sales declined 0.8% in January from the previous month and slipped 0.4% year over year, according to the National Association of Realtors.

“Improving affordability conditions have yet to induce more buying activity,” said Lawrence Yun, the chief economist at NAR, earlier this month.

But with mortgage rates near 6%, roughly 5.5 million additional households now qualify for a loan compared with a year ago, he said.

“Most newly qualifying households do not act immediately, but based on past experience, about 10% could enter the market—potentially adding roughly 550,000 new homebuyers this year compared with last year,” Yun added.

Beyond mortgage rates, other affordability pressures may also be easing.

As Business Insider’s James Rodriguez reported last month, median home prices were largely flat toward the end of 2025, and wage growth is expected to outpace price gains this year — potentially improving affordability further.




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Fed meeting updates: Powell to announce interest rates as DOJ probe looms

It’s the first Fed day of 2026, and Chair Jerome Powell is in the hot seat.

Central bank leaders will announce their January interest rate decision at 2 p.m. ET. The meeting follows weeks of political pressure from the Trump administration and a recently announced Department of Justice probe.

Business Insider will be covering projections from economists, the Fed decision, and market moves all day. Check back here for updates.




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