Key Events Around the Globe: March 19

Fed Holds Rates Steady As Expected, Calls Inflation Somewhat Elevated

The Federal Reserve held its policy rate steady on Wednesday, as was widely expected, citing somewhat elevated inflation and giving little indication when it might next cut short-term borrowing costs. Fed officials’ economic projections indicated they expect to cut rates once again this year, largely in line with the Wall Street estimate.

Vance To Meet With Oil Trade Group, Acknowledges ‘Rough Road Ahead’ on Gas Prices

U.S. Vice President JD Vance and Energy Secretary Chris Wright will meet on Thursday with the American Petroleum Institute, the nation’s largest oil trade group, as the Trump administration looks to ease rising gas prices. At a manufacturing facility in Auburn Hills, Michigan, Vance spoke about higher gas prices and said there is a “rough road ahead of us for the next few weeks, but it’s temporary.”

U.S. Producer Prices Rise at Hotter-Than-Anticipated Pace in February

Producer prices in the U.S. rose at a faster-than-anticipated pace in February, underlining the inflationary pressures on the American economy that some analysts fear could intensify in the months ahead due to the Iran war. U.S. producer prices for final demand climbed by 0.7% last month, up from 0.5% in January, due largely to higher services costs. Economists had expected the reading to cool to 0.3%.

Eurozone Inflation Rises As Estimated

Eurozone inflation increased in February, as initially estimated, driven by faster service sector price growth and moderated energy cost decline, final data from Eurostat showed on Wednesday. The harmonized index of consumer prices registered an annual increase of 1.9 percent after rising 1.7 percent in January. The rate came in line with the estimate published on March 3.