The Federal Reserve voted Wednesday to hold its interest rate target steady following the second meeting under new Chairman Kevin Warsh, although three members of the Fed board dissented, preferring a rate hike.

After a two-day meeting in Washington, the Fed’s monetary policy committee announced it would hold its rate target at a range of 3.50% to 3.75%. Investors had largely expected that outcome, as the country grapples with too-high inflation, driven in part by higher energy costs stemming from the Iran war.

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Fed forgoes interest rate cut as inflation lingers