Fed Holds Interest Rates Steady Amid Divisions

The Federal Reserve held interest rates steady for a fifth consecutive time, but not without controversy.

Three Fed officials voted in favor of raising rates due to ongoing inflation concerns and the recent spike in energy prices caused by the Iran war. However, Fed Chair Kevin Worsh described the divisions as 'a good family fight.'

Economists believe the Fed may raise rates at its next meeting in September, but Worsh emphasized that the central bank will let data dictate its actions.