Fed keeps interest rates steady as Iran war fuels inflation

The Federal Reserve kept interest rates steady at what is likely to be Jerome Powell’s last policy meeting as chair.

The Federal Reserve kept interest rates steady Wednesday at what is likely to be Chair Jerome Powell’s last policy meeting as the leader of the world’s most influential central bank.

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Four Fed officials voted against the decision — the most since October 1992. Three of the four supported the decision to hold rates but “did not support inclusion of an easing bias in the statement at this time.” Stephen Miran, whom President Donald Trump nominated to the Fed, was the sole official favoring a quarter-point cut.

A statement from the Fed noted that job gains have “remained low” while inflation is “elevated,” in part from the “recent increase in global energy prices.”