Forex
Fed Holds Rates Steady Amid Ongoing Iran War
The Federal Reserve kept interest rates steady on Wednesday as the US economy struggles to contain resurgent inflation fueled by the Iran war.
Oil prices surged, and stock prices plummeted in response to renewed fighting between the US and Iran, underscoring the challenge faced by central bankers tasked with controlling price increases.
The Fed's decision came as a preliminary peace agreement in June offered some relief from the historic oil shortage that drove up fuel costs and catapulted inflation to a three-year high.