The Federal Reserve voted on Wednesday to maintain current interest rates, marking its final monetary policy rate hike at this time could have placed additional strain on already struggling consumers.
Voters have consistently informed pollsters that increasing prices, particularly within the energy and housing sectors, represent their top concerns as they head to the polls.
The most recent NBC News poll found that President Donald Trump’s approval rating stands at 27% regarding his management of the cost of living and 29% for his handling of the war with Iran.
Two-thirds of Americans stated that the rising gas prices resulting from Trump’s war in Iran were either a “very serious” or a “somewhat serious” issue. More than half of those surveyed indicated that current economic conditions have forced them to alter their grocery shopping habits.
The central bank also recognized the economic uncertainty affecting much of the nation.
“Economic activity is expanding at a strong pace,” said the rate-setting FOMC. “While uncertainty remains elevated owing, in part, to geopolitical developments, domestic spending has been resilient.”
Wednesday’s announcement and the Fed’s admission that inflation continues to exceed its target have set the stage for a potential rate hike during the monetary policy meeting in December.
