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The US Federal Reserve is widely expected to hold interest rates steady on Wednesday after a key policy meeting, likely the last chaired by central bank chief Jerome Powell, a frequent target of president Donald Trump’s ire.

Policymakers will weigh the risks of surging energy prices and snarled supply chains due to the US-Israel war on Iran, with analysts widely expecting a third pause in a row as the effects of the conflict ripple through the world’s largest economy.