Oil inflation and geopolitical uncertainty keep interest rates steady

The Dow Jones Industrial Average fell 1.6% and the S&P 500 fell 1.4% to their lowest levels since November. The Nasdaq Composite lost 1.5%. These declines occurred after the Federal Reserve concluded a policy meeting on March 18 with no change to interest rates. Fed Chair Jerome Powell cited uncertainty from the war in war in Iran and inflation concerns as the reason for the the same decision. A measure of whole price inflation was hotter than analysts had expected. Investors sold bonds, pushing the 10-year U.S. note yield up nearly 6 basis points to about 4.26%. Brent crude oil prices rose nearly 6% to around $105 a barrel. The VIX Composite spiked nearly 10%. The nationwide average for a gallon of gas is $3.86.