Fed Keeps Interest Rate Unchanged Amid High Inflation

The Federal Reserve left its key interest rate unchanged on July 29, despite persistently high inflation and a spike in energy prices caused by the Iran war.

At a 9-3 decision, the Fed's rate-setting committee voted to keep the benchmark rate at around 3.6%, marking the fifth straight meeting without an increase.

This decision comes as a surprise to some economists and Wall Street analysts who predicted a quarter-point hike in interest rates.

However, President Donald Trump voiced support for Fed Chairman Kevin Warsh's decision, calling him 'fantastic' and 'a brilliant guy'.