US Fed expected to hold rates steady as inflation hawks circle

WASHINGTON: The US Federal Reserve is expected to hold interest rates steady on Wednesday (Jul 29), but with surging inflation fuelled by President Donald Trump's war on Iran, analysts say some policymakers will dissent in favour of a rate hike.After two days of closed-door sessions, the Fed's open market committee (FOMC) will announce its decision at 2pm (2am Singapore time, Thursday), followed by a press conference by Chairman Kevin Warsh.Most investors expect the Fed to hold rates at 3.50 to 3.75 per cent for the fifth straight meeting, according to CME's FedWatch monitoring tool - but bets on a rate-hike have been rising.Consumer inflation eased to 3.5 per cent year-on-year last month, but is expected to rise again on the back of seesawing oil prices from Trump's war on Iran, which saw