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Fed Holds Interest Rates Steady Amid Persistent Inflation

The Federal Reserve kept interest rates steady at its latest meeting while noting that inflation remains elevated. Two officials dissented in favor of a rate hike as policymakers await further economic data.

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FILE PHOTO: U.S. Federal Reserve Chairman Kevin Warsh holds a press conference following a two-day meeting of the Federal Open Market Committee (FOMC), as the Federal Reserve holds interest rates steady, at the Federal Reserve, in Washington, D.C., U.S. July 29, 2026. REUTERS/Evelyn Hockstein/File Photo

The United States central bank left benchmark interest rates unchanged at 3.75% to 4.00% on Wednesday afternoon. The 10-2 decision follows strong inflation data and precedes midterm elections. Officials indicated further rate hikes may arrive if inflation persists above the 2% target.