Fed Holds Rates Steady Amid Rising Inflation Expectations

The US Federal Reserve kept interest rates steady for the fifth time in a row, holding the target range at 3.5% to 3.75%, as widely expected by markets.

The decision marked a wait-and-see stance from the Fed, despite growing expectations of an interest rate hike in coming months.

Inflation remains elevated, with the year-on-year growth rate of the US headline consumer price index dropping to 3.5% in June from 4.2% in May due to plummeting oil prices.