Fed Leaves Key Rate Unchanged Amid High Prices and Iran War

The Federal Reserve made a decision to keep its key interest rate unchanged at around 3.6% despite high inflation and energy prices caused by the Iran War.

This was the fifth straight meeting where the benchmark rate remained steady, with the Fed's rate-setting committee voting 9-3 in favor of leaving it unchanged.

The dissenting members 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 voted for a quarter-point interest rate hike.