Fed Holds Rates Steady Amid Elevated Inflation

The Federal Reserve kept its benchmark interest rate unchanged at about 3.6% on Wednesday, marking the fifth consecutive meeting without a change.

The central bank's rate-setting committee voted 9-3 to hold borrowing costs steady as inflation remained above its target and energy prices climbed in the wake of the Iran war.

Federal Reserve Chair Kevin Warsh declared that he has 'no tolerance' for elevated inflation, reiterating the Fed's 2% inflation target.

'There is no soft inflation target. There is no soft implicit target,' Warsh said. 'Not on this committee's watch. There's only a target and it's 2%.'