Fed holds interest rates steady as economy weathers resurgent inflation

(Photo by Win McNamee/Getty Images)(WASHINGTON) — The Federal Reserve held interest rates steady on Wednesday as the economy weathers resurgent inflation set off by the Iran war. Nine members voted in favor of maintaining interest rates at current levels while three members supported a quarter-point rate increase, the FOMC said. In theory, the Fed could raise interest rates in an effort to cool off prices, but the move risks a slowdown of hiring. Oil prices, a key ingredient in overall price levels, have swung dramatically in recent weeks. In turn, worldwide oil prices climbed above $100 a barrel last week.