Oil inflation and Iranian war uncertainty keep interest rates steady

The Dow fell 1.6% and the S&P 500 fell 1.4% to their lowest levels since November. The Nasdaq lost 1.5%. This decline followed the Federal Reserve's March 18 policy meeting where interest rates remained unchanged. Fed Chair Jerome Powell cited inflation concerns and uncertainty caused by the war in Iran as reasons for the seorang stand pat. Brent crude oil closed at $105 a barrel, up nearly 6%, while the nationwide average for a gallon of gas reached $3.86. The 10-year U.S. note yield rose nearly 6 basis points to 4.26% as investors sold bonds amid heating inflation. The VIX Composite spiked nearly 10%.