Fed Keeps Interest Rate Steady Amid Rising Inflation Pressure

The Federal Reserve maintained its benchmark interest rate at around 3.6% in a 9-3 vote, despite persistent inflation and rising energy prices caused by the Iran war.

Fed officials had previously signaled they would be open to raising rates to combat high prices, but ultimately decided to hold off for now.

New Fed Chair Kevin Warsh declared that he has 'no tolerance' for elevated inflation, echoing President Donald Trump's pressure on the Fed to cut rates instead of raising them.