The Fed meets eight times a year to assess the economy's health and set monetary policy, primarily through changes to the federal funds rate, the benchmark interest rate US banks use to lend or borrow money overnight.

The 99% chance the U.S. Federal Reserve was going to hold interest rates steady as recession fears rose became a certainty. The Fed decision was the first since new tariffs set off a trade war and stock volatility.

A new set of economic projections will give the clearest sense to date of how officials think President Trump’s agenda will impact the economy.