Watch live: Powell gives remarks as Federal Reserve keeps rates steady amid Iran conflict

Federal Reserve Chair Jerome Powell will give remarks Wednesday afternoon after the nation's central bank decided to hold interest rates steady amid evolving impacts on the economy sparked by President Trump's military operation in Iran.

The Federal Open Market Committee (FOMC), the panel of bank officials responsible for setting borrowing costs, maintained its baseline interest rate at a range of 3.5 to 3.75 percent. The latest decision comes as Trump has continued to put pressure on Powell to lower rates.

Iran's throttling of the Strait of Hormuz has depleted the global supply of oil, natural gas, fertilizer and other crucial exports that would have otherwise transited through the Persian Gulf and beyond.

International oil prices rose above $109 per barrel Wednesday morning amid further threats from Tehran, while U.S. oil prices topped $98 per barrel. The spiked oil prices have driven gasoline prices higher.

The event is scheduled to begin at 2:30 p.m. EDT.

Watch the live video below.