Fed Holds Rates Steady Amid Inflation Fears

The US Federal Reserve held interest rates steady at 3.50-3.75 per cent for the fifth straight meeting, despite surging inflation and dissent from three committee members.

Fed Chair Kevin Warsh denied being reticent to take action against inflation, which has battered US households for over five years, saying 'We are on the job. We will deliver. We are focused like a laser, making sure we can do it.'

The three dissenting members called for a quarter-percentage-point rate hike to address the rising inflation, fueled by President Donald Trump's war on Iran.