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QI Research CEO and chief strategist Danielle DiMartino Booth discusses Federal Reserve chair Jerome Powell’s remarks about the federal criminal probe on ‘Making Money.’
The Federal Reserve on Wednesday left interest rates unchanged amid mounting uncertainty over how the Iran war will impact the economy and in turn the central bank’s approach to monetary policy, raising questions over whether any rate cuts will occur this year.
The Fed’s monetary policy panel, known as the Federal Open Market Committee (FOMC), voted 11-1 to leave the benchmark federal funds rate unchanged at a range of 3.5% to 3.75%. It marked the second straight meeting with rates being held steady after three successive 25-basis-point cuts in September, October and December to end last year.
Policymakers released a summary of economic projections (SEP), which showed that the median projection for interest rates sees just one 25 basis point cut the rest of this year followed by a single cut of that size in 2027.
“In our SEP, FOMC participants wrote down their individual assessments of an appropriate path for the federal funds rate under what each participant judges to be the most likely scenario for the economy,” Federal Reserve Chair Jerome Powell said. “The median participant projects that the appropriate level of the federal funds rate will be 3.4% at the end of this year and 3.1% at the end of next year, unchanged from December.”
FEDERAL RESERVE HOLDS INTEREST RATES STEADY
Federal Reserve Chair Jerome Powell said that an interest rate cut this year will depend on progress in taming inflation and other economic data. (Brendan Smialowski/AFP via Getty Images)
“As is always the case, these individual forecasts are subject to uncertainty and they are not a committee plan or decision,” Powell added.
During the post-announcement press conference, Powell was asked what officials are seeing that led them to project a cut despite higher forecasts for both inflation and unchanged projections for the unemployment rate and economic growth.
The SEP showed policymakers projected that the personal consumption expenditures (PCE) index – the Fed’s preferred inflation gauge – will be 2.7% at the end of this year, well above the central bank’s 2% target. That’s up from 2.4% in the Fed’s prior projection in December.
Core PCE, which excludes volatile measurements of food and energy, was also revised up to 2.7% at the end of this year. The previous projection had it at 2.5%.
“There are 19 people, and so 19 reasons, 19 individual submissions,” Powell said. “If you notice, the median didn’t change, but there was actually a meaningful amount of movement toward fewer cuts by people, so four or five people went from two cuts to one cut.”
“Essentially, the forecast is that we will be making some progress on inflation, not as much as we had hoped, but some progress on inflation,” Powell said. “It should come as we start to see in the middle of the year progress on tariffs going through once and then tariff inflation coming down. We should be seeing that.”
“And you know, the rate forecast is conditional on the performance of the economy, so if we don’t see that progress, then you won’t see the rate cut,” he explained.
FED OFFICIALS CLOSELY MONITOR IRAN CONFLICT FOR POTENTIAL INFLATION IMPACT
The market responded to the Fed’s projection by pulling back expectations surrounding interest rate cuts this year, which were previously expected to begin as early as June.
The CME FedWatch tool showed an 89.2% probability that rates will remain at their current level following the Fed’s June meeting in the wake of today’s announcement. That’s up from 79.5% yesterday, 62.8% a week ago and 37.8% last month – while the tool also now shows a 3.8% chance of a 25 basis point hike in June, up from zero a month ago.
The market now sees it being more likely than not that the Fed will leave rates unchanged through the end of this year.
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The CME FedWatch tool shows a 51.3% chance of rates being at their current range after the Fed’s December meeting – up from 23.5% a week ago and 4.9% last month.
Probabilities for December show a 35.7% chance of one 25 basis point reduction by then, while the odds of a second cut between now and then have fallen to 9.5% from 32.5% a month ago.
The West Leederville property fund has purchased an industrial property for $16.5 million.
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Europe’s largest airlines extended their suspensions of flights to Dubai and other major Middle Eastern travel hubs amid the conflict in the region.
On-and-off airspace and airport restrictions are forcing carriers worldwide to reroute planes, on sometimes lengthy detours at a time when energy prices are rising due to oil supply constraints.
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Snowflake’s EVP Kleinerman sells $523k in shares
Wall Street ends sharply lower after Fed keeps rates unchanged
The company is still weighing an IPO, but is unlikely to move ahead until market conditions improve, according to the report.
The company confidentially filed for a U.S. IPO in November 2025. Kraken was set to go public in the first quarter of 2026.
Initially focused on crypto, the company has expanded across asset classes in recent months, including equities with the rollout of commission-free trading.
Iran certainly is not a forever war as President Trump has said many times. Indeed, Mr. Trump is “ending” Iran’s forever war against the United States. Yet now it looks like the Fed chairman, Jay Powell, wants to be the Fed’s first forever board member. Telling a press conference that he will remain on the Federal Reserve’s board of governors until the investigation is “well and truly over.” Whatever that means.
This is unwelcome news to stock markets, as the Dow fell by more than 700 points, to a new 2026 low. It fell about 300 points after Mr. Powell made his forever board member comment. All the indexes were down today. Bond rates went up. As did oil prices.
Actually, the Fed’s dot plot of economic projections suggested only one projected rate cut this year instead of three before the war began. They also suggested higher inflation and a slight rise in growth.
What you really want is for the Fed to just keep its powder dry, as the Iran war winds down and oil prices move back to pre-war normalcy. Yet it seems like the Fed is already signaling a higher interest rate policy, which would do some damage to the American economy.
That’s one reason why it’s crucial that Mr. Trump’s nominee for Fed chairman, Kevin Warsh, be liberated as rapidly as possible to take over the central bank’s helm and get rid of the Fed models that say stronger growth leads to higher inflation. I’m calling it #FreeKevin.
And have someone who understands the economic growth benefits of lower tax rates, deregulation, and drill baby drill, which is a prosperity prescription that would raise growth and reduce inflation. And protect King Dollar.
Yet in order to liberate Mr. Warsh, it seems like the Justice Department has got to settle its disagreement with the Federal Reserve. Otherwise, Mr. Warsh will never get through the Senate Banking Committee, even though they love him, and Mr. Powell will stay at the Fed forever.
He might even be somehow voted to stay on as chairman by the Fed’s policy-setting body, the Open Market Committee, which really always leans against Mr. Trump. Or Steven Miran would have to give up his board seat to make room for Mr. Warsh’s board appointment, but not necessarily as the chairman. If you think this is a confusing and bizarre scenario, you would be right.
I believe that post-war American growth potential is around 5 percent. And as energy prices normalize, the inflation rate will drop below 2 percent. By the way, on inflation, a measure of the money supply, M2, is growing at 3.5 percent, not President Biden’s 30 percent.
Government spending has slowed down. And the dollar’s been rising. Those are all counter-inflationary moves. The Jay Powell Fed only sees a measly 2 percent economic growth. That’s what their models tell, but it’s garbage in, garbage out. Please will someone liberate Mr. Kevin Warsh? #FreeKevin.
Sydney — As Australia intensifies its push toward net-zero emissions and circular economy practices in 2026, a growing number of businesses are setting benchmarks for environmental responsibility. From innovative startups tackling waste and energy challenges to established firms embedding sustainability into core operations, these companies demonstrate that profitability and planetary health can align.
Recent reports, including the Corporate Knights Global 100 ranking and World Benchmarking Alliance assessments, highlight Australian leaders in areas like waste management, renewable energy and low-impact manufacturing. B Corp certification, now held by over 740 companies across Australia and New Zealand, provides a rigorous measure of social and environmental performance. Here are 10 standout eco-friendly companies making significant impacts in 2026.
- Brambles Ltd The global supply-chain solutions provider, headquartered in Sydney, ranks among the world’s most sustainable corporations in the 2026 Corporate Knights Global 100. Brambles, parent of CHEP pallet pooling, excels in circular economy models that reuse and recycle wooden pallets, reducing deforestation and waste. Its near-perfect scores in sustainability metrics reflect strong governance, low emissions intensity and resource efficiency, positioning it as a leader in sustainable logistics.
- Sims Ltd A Melbourne-based recycling giant, Sims secured a high placement in the 2026 Global 100 for its waste management expertise. The company processes millions of tons of metal, electronics and other materials annually, diverting waste from landfills and recovering valuable resources. Sims’ focus on circularity, emissions reduction and ethical sourcing earns it consistent A- ratings, making it a cornerstone of Australia’s resource recovery sector.
- Hysata This Wollongong startup is pioneering green hydrogen production with capillary-fed electrolyser technology that promises higher efficiency and lower costs than traditional methods. Recognized among top sustainability innovators, Hysata’s advancements support Australia’s hydrogen export ambitions and domestic decarbonization, attracting significant investment and positioning the company as a frontrunner in clean energy transition.
- Bygen Based in Adelaide, Bygen transforms agricultural waste like nut shells into high-value activated carbon for water filtration and air purification. The process sequesters carbon while addressing pollution, exemplifying innovative waste-to-resource solutions. As a highlighted sustainability startup, Bygen contributes to reducing industrial emissions and promoting bio-based materials in 2026.
- Gaia EnviroTech Operating from Victoria, Gaia converts organic waste into renewable energy and bio-fertilizers through advanced anaerobic digestion. Its systems help businesses manage food and agricultural waste sustainably, cutting methane emissions and generating clean biogas. The company’s waste-to-energy approach aligns with national circular economy goals and supports local decarbonization efforts.
- Yume This Melbourne-based platform combats food waste by connecting surplus food from manufacturers and retailers to charities and businesses. Yume’s digital marketplace has redistributed millions of meals, reducing landfill contributions and addressing food insecurity. Its scalable model earns praise as a practical solution to one of Australia’s major environmental and social challenges.
- Who Gives A Crap The toilet paper company, founded in Melbourne, uses 100% recycled or bamboo materials and donates 50% of profits to sanitation projects. Certified B Corp status underscores its commitment to ethical sourcing, plastic-free packaging and carbon-neutral operations. In 2026, it continues expanding sustainable consumer goods while supporting global hygiene initiatives.
- Returnr A reusable packaging pioneer, Returnr offers deposit-return systems for food containers and coffee cups, eliminating single-use plastics in cafes and events. The company’s closed-loop model reduces waste and encourages consumer behavior change. Featured in sustainability roundups, Returnr exemplifies practical steps toward a zero-waste economy.
- Australian Ethical Investment As one of Australia’s first publicly listed B Corps, this Canberra-based firm manages funds focused exclusively on positive-impact investments. It avoids fossil fuels and prioritizes renewables, ethical labor and environmental stewardship. Its influence shapes capital flows toward sustainable projects, amplifying eco-friendly business growth nationwide.
- Outland Denim The Queensland fashion brand produces sustainable jeans using eco-friendly materials and fair labor practices. Certified B Corp, Outland emphasizes low-water denim production and ethical supply chains. Its “cycle of freedom” mission combines environmental care with social impact, inspiring sustainable fashion in Australia.
These companies reflect broader trends in 2026: stronger governance linking executive pay to sustainability targets, rising climate transition planning and innovation in green technologies. While mining and energy sectors face scrutiny, leaders like Brambles and Sims show resource-intensive industries can achieve high sustainability standards. Startups such as Hysata and Bygen drive breakthroughs in clean energy and waste valorization.
Government policies, including enhanced emissions reporting and incentives for renewables, support this momentum. Investor expectations and regulatory pressure push more firms toward credible action. As Australia navigates its nature-dependent economy, these eco-friendly trailblazers offer models for balancing growth with environmental stewardship.
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