Fed Sticks to Status Quo on Interest Rates Amid High Inflation Pressure

The Federal Reserve kept its benchmark interest rate at around 3.6% for the fifth straight meeting, despite three officials' dissenting votes in favor of higher rates to combat persistently high inflation.

Some economists and Wall Street analysts had predicted a quarter-point hike, but the decision to stand pat may be seen as good news for consumers.

However, with the average credit card rate near 20% and mortgage rates at their highest since last August, consumers may not feel much relief.

The three officials who dissented - Beth Hammack, Neel Kashkari, and Lorie Logan - had previously called for or signaled openness to raising rates to combat high prices.