Fed Keeps Rates Steady Amid Persistent Inflation

The Federal Reserve's rate-setting committee has decided to keep its key interest rate unchanged at around 3.6% despite persistently high inflation and a spike in energy prices caused by the Iran War.

This decision was made with a vote of 9-3, marking the fifth straight meeting where the benchmark rate remained the same.

The dissenting voices were Beth Hammack, president of the Federal Reserve Bank of Cleveland; Neel Kashkari, president of the Minneapolis Fed; and Lorie Logan, president of the Dallas Fed, who all voted in favor of a quarter-point interest rate hike.