Fed Holds Interest Rate Steady Amid High Inflation

The Federal Reserve held its key interest rate steady at around 3.6% despite persistently high inflation and rising energy prices caused by the Iran war.

In a 9-3 decision, Fed Chair Kevin Warsh praised the 'good family fight' between the central bank's policymakers over whether to raise rates to combat inflation.

The dissenting votes came from Beth Hammack of the Federal Reserve Bank of Cleveland, Neel Kashkari of the Minneapolis Fed, and Lorie Logan of the Dallas Fed, who had previously signaled support for raising rates to address high prices.