Fed Holds Steady as Inflation Remains Above Target

The Federal Reserve left its benchmark interest rate unchanged on Wednesday, opting to hold borrowing costs steady as inflation remained above its target and energy prices climbed in the wake of the Iran war.

The central bank's rate-setting committee voted 9-3 after a two-day meeting to keep the federal funds rate at about 3.6%, marking the fifth consecutive meeting without a change.

Federal Reserve Chair Kevin Warsh spoke at a news conference, where he acknowledged the unusually divided vote and said 'I asked for a good family fight and I got one.'