Fed Keeps Rates Steady Amid Inflation Fears

The Federal Reserve kept its benchmark interest rate unchanged at around 3.6% despite high inflation and a spike in energy prices caused by the Iran war.

In a 9-3 decision, three Fed officials dissented in favor of a rate increase, but Chair Kevin Warsh described the policy discussion as a 'good family fight'.

The inflation rate has been stuck above the central bank's 2% target for more than five years, and Wall Street still expects a rate hike in September, with 76% foreseeing a rise next month.