CNN 5 Things Fed Holds Rates, Trump Officials Grilled, Missing College Student and more
Mar 18, 2026
The Fed's decision to hold interest rates and what it means for a wartime economy. Reports of strikes on Iranian energy sites and the regional fallout. A temporary Jones Act waiver to ease fuel movement. Intense congressional questioning over U.S. actions and threat assessments. A missing college student in Spain and the family's plea for help.
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Fed Pauses Rates Amid Wartime Economic Uncertainty
- The Federal Reserve paused rates at 3.5–3.75% as markets prepared for economic fallout from the war with Iran.
- Fed Chair Jerome Powell warned higher energy prices could raise inflation but said the full economic scope and duration are uncertain.
Powell Stays During DOJ Probe
- Jerome Powell defended his decision to remain on the Fed board while a DOJ probe examines whether he misled Congress about a $2.5 billion HQ renovation.
- Powell said he has no intention of leaving until the investigation concludes "with transparency and finality."
Attacks Impact Global Energy Flow
- A U.S. official denied US involvement in reported strikes on Iran's South Pars gas field, attributing the attack to Israel amid wider energy infrastructure hits.
- Iran's IRGC warned afterward, oil and gas prices jumped, and Iran effectively closed the Strait of Hormuz.