FT News Briefing Federal Reserve holds steady as inflation fears mount
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Mar 19, 2026 
Claire Jones, FT US economics editor, unpacks why the Federal Reserve held rates steady as oil-driven inflation fears grow and Jay Powell faces fresh scrutiny. Hamza Jilani, FT Pakistan correspondent, explores the fragile pause in Pakistan-Afghanistan fighting, rising militant tensions, and the wider regional fallout. It also looks at eased Venezuela oil sanctions and Walmart’s algorithmic pricing plans.
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Venezuelan Oil Relief Won't Fix Supply Fast
- The US eased sanctions on PDVSA so Venezuela can sell oil to US buyers and global markets, but proceeds must go into US-controlled accounts.
- Washington wants to reopen Venezuela's oil sector and ease the global crunch after the Iran war, though experts warn recovery could take years.
Why The Fed Still Signals A Rate Cut
- The Fed held rates steady but still expects one cut this year because it sees the Iran war's oil shock as possibly temporary while the US labour market weakens.
- Claire Jones said officials raised inflation and growth forecasts in the dot plot, yet Jay Powell argued nothing yet suggests a lasting inflation effect if the conflict ends soon.
Walmart's Pricing Patents Deepen Dynamic Pricing Fears
- Walmart won patents that let algorithms automatically change prices, especially markdowns in its e-commerce business, even as it denies using surge pricing.
- The company is rolling out electronic shelf labels to 4,600 US stores, raising fears that fast-changing prices could confuse or mislead shoppers.