Federal Reserve Holds Interest Rate Steady for Fifth Consecutive Time

The U.S. Federal Reserve kept its main interest rate unchanged at a range of 3.50% to 3.75% for the fifth consecutive time on Wednesday.

The Fed’s chairman, Kevin Warsh, announced the decision at a press conference following the two-day monetary policy meeting, amid growing concerns about a resurgence of inflationary pressures due to the war with Iran, and as markets awaited signals on the trajectory of monetary policy for the remainder of the year.

This meeting marks the second under the chairmanship of Kevin Warsh, who was nominated for the position by U.S. President Donald Trump.