Fed Keeps Rates Unchanged Amid Frustration Over Inflation

The Federal Reserve is set to keep its benchmark interest rate unchanged for now, despite growing frustration over high inflation rates. Policymakers are losing patience with inflation, which has been above the Fed's 2% target for more than five years.

New Fed Chair Kevin Warsh has expressed 'no tolerance' for elevated inflation, but it remains to be seen when action will be taken. Some analysts predict a 'shock rate hike' this week, while others expect policymakers to hold off and wait for more economic data.

The Commerce Department is set to release the first look at April-June economic growth on Thursday, which could provide insight into the Fed's decision-making process. Meanwhile, rising tensions in Iran have added uncertainty to oil prices, which have been increasing due to disruptions in supply.