Fed holds interest rates steady as Iran war drives up oil prices and inflation fears
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The US Federal Reserve decided to hold interest rates steady for the second time this year, amidst concerns about rising oil prices due to the ongoing conflict between the US/Israel and Iran. The decision, with only one dissenting vote, keeps rates between 3.5% and 3.75%. This decision comes as the Fed grapples with fluctuating inflation, a weakened job market, and global economic uncertainty stemming from the Middle East conflict. Central banks worldwide are weighing the impact of rising energy costs on the global supply chain. The Bank of England is also expected to hold interest rates. The decision comes despite pressure from President Trump to lower rates, even with the risk of rising prices.
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