Fed Holds Interest Rates Steady Despite Rising Oil Prices

The Federal Reserve kept interest rates steady at 3.5-3.75% for a second consecutive meeting under Chair Kevin Warsh, but this time with a dissenting vote of 9-3.

This is the highest number of dissents in a decade, and Warsh joked that he had asked for 'a good family fight' and got one.

The decision to hold rates steady comes as oil prices have rebounded since June, and inflation may pick up due to energy costs.

Warsh has stated that he won't provide forward guidance on interest rates, making it harder to predict the Fed's next move.