Forex
Fed Keeps Rates Steady Amid Iran War-Driven Inflation Surge
The Federal Reserve kept interest rates steady on Wednesday in response to rising inflation caused by the Iran war.
The decision came as oil prices surged, with crude costs accounting for a large share of the price of auto gasoline. The average price of a gallon of gas currently stands at $4.09, marking a 37% jump since the Iran war began in February.
Fed Chair Kevin Warsh has vowed to slash inflation to the Fed's desired level of 2%, which is currently registering at 3.5%. The policy decision arrived as oil prices surged and stock prices tumbled in response to a resumption of fighting in the Middle East.