Fed holds rates steady, with three officials dissenting

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.