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 3.75 per cent range drew dissents from three of the 12 members of the policy-setting Federal Open Market Committee who “preferred” a quarter-percentage-point hike at this meeting. “Inflation remains elevated relative ⁠to the committee’s 2 per cent goal,” ⁠the Fed said in a short policy statement after the end of its latest two-day meeting. It replicated word for word all of the June 17 ‌statement’s assessment of the economy. The Federal Reserve Board building is seen in Washington in November 2025.