The Federal Reserve’s favored measure of inflation rose 3.7% last month, above its 2% target

The Federal Reserve’s favored measure of inflation rose 3.7% last month, above its 2% target

It was the second rates meeting under new Fed chief Kevin Warsh, pictured, who took over in May after being appointed by president Trump.

The U.S. Federal Reserve left its key interest rate unchanged Wednesday despite persistently high inflation and a spike in energy prices caused by the Iran war.

The Federal Reserve held interest rates steady on Wednesday, a choice that may intensify questions about how US central bank chief Kevin Warsh will deliver on his commitment to bring inflation back down to the 2 per cent target. The widely ‌expected decision to leave the benchmark interest rate in the 3.50 per cent to

The Federal Reserve is set to consider whether to raise interest rates amid stubborn inflation pressures and oil price volatility. CBS News contributor J.D. Durkin has more.

The Federal Reserve is expected to keep its overnight rate unchanged at the conclusion of its July meeting.