The Federal Reserve held interest rates steady for the fifth consecutive policy meeting this year, amid a rebound in oil prices driven by renewed tensions in the Middle East. Minneapolis Fed president Neel Kashkari, Dallas Fed president Lorie Logan, and Cleveland Fed president Beth Hammack dissented, preferring to raise rates by a quarter percentage point. "Five years of high inflation have left a mistaken impression that's hard to shake, that the Fed's implicit inflation target was somehow above 2%. Let me reiterate: There is no soft inflation target, there is no soft implicit target, not on this committee's watch. Several officials signaled ahead of the meeting that they were content to hold rates steady this month, including Fed governors Lisa Cook, Chris Waller, and Philip Jefferson.