Fed Holds Interest Rate Steady Amid Inflation Concerns

The US Federal Reserve left its key interest rate unchanged at around 3.6% after two days of deliberations, despite some economists' predictions that it would hike rates by a quarter point.

Three officials, Beth Hammack, Neel Kashkari, and Lorie Logan, dissented in favor of higher rates to combat high inflation, which has been above the central bank's 2.0% target for more than five years.

Fed Chair Kevin Warsh said he welcomed vigorous debate at the committee meeting and described it as a 'good family fight,' adding that 'we have no magic wand' to solve the inflation problem immediately.