Fed Keeps Interest Rate Steady Amid Iran Concerns and Trump's Borrowing Cost Calls

The U.S. Federal Reserve has decided to keep its benchmark interest rate steady for the fifth consecutive time, amid concerns over the economic impact of renewed fighting in Iran and President Trump's calls to lower borrowing costs.

In a two-day meeting of the Federal Open Market Committee (FOMC), the central bank left the key rate unchanged at 3.5-3.75 percent, maintaining the same range as before.

The decision means that the gap between South Korea's and the U.S.'s interest rates remains up to 1 percentage point, with no change in sight for now.