Fortune· 1h ago· 1 min read
The Federal Reserve left its key interest rate unchanged Wednesday despite persistently high inflation caused by the Iran war and a spike in energy prices.
The Fed's rate-setting committee reached the 9-3 decision after two days of deliberations, marking the fifth straight meeting at which it kept its benchmark rate at around 3.6%. Dissenting from the majority in favor of a quarter-point interest rate hike 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.
Inflation has been stuck above the central bank's 2% target for more than five years. The Iran war has generated uncertainty over the economic outlook and has driven energy prices higher, intensifying inflationary pressure and creating a quandary for Fed policymakers. Hammack, Kashkari and Logan had previously called…
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