Photo credit: Flickr/Federalreserve Federal Reserve Chairman Kevin WashMembers of the Federal Open Market Committee voted 9-3 to hold rates flat. The conflict in Iran continues to weigh heavily on the global economy, with its impact on pricing influencing the committee’s decision. “There is no soft inflation target, there is no soft implicit target, not on this committee's watch. The Consumer Price Index posted a 3.5% rate of inflation for June, down from 4.2% in May, driven by lower oil prices. The shift has caused markets to react more to the events than to Fed policy, Warsh said.