Fed Holds Rates Steady Amid Global Uncertainty

The US Federal Reserve has maintained its benchmark interest rate at between 3.5 and 3.75 percent for a fifth consecutive meeting.

This decision was made during the Fed's second monetary policy meeting under Chair Kevin Warsh, which concluded on Wednesday.

Economic activity is expanding steadily, despite uncertainty surrounding global events such as those in the Middle East, according to the Fed.

The inflation rate has slowed significantly in June, but it remains higher than the Fed's target of 2 percent, emphasized Chair Warsh.