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The Federal Reserve, on Wednesday, held interest rates steady in 3.75%-4.00% range. The US Fed opted to delay any changes to borrowing costs until after next week's US midterm elections and awaiting further data on the path of inflation. The US Federal Reserve decision has come even as inflation has surged over the past few months amid crude oil price rally due to geopolitical uncertainty. The Fed’s latest policy meeting concludes less than a week before the midterm elections, which have focused heavily on concerns about the cost of living and affordability. The US Fed raised its key rate in September, for the first time in three years. Many experts perceived it as the first step toward a renewed effort to bring down inflation. Federal Reserve Chairman Kevin Warsh on Wednesday offered a defense of his colleagues as the central bank faces pressure from President Donald Trump. “We just came out of a heck of a family fight” at the latest Federal Open Market Committee meeting, Warsh said in a press conference following that gathering. “I think we came to the right... policy decision for this moment, and I'm honored to be here and honored to be the chairman of this group,” the Fed leader said. He also rejected the influence of politics on US Fed decision. Inflation in September saw significant uptick as consumer prices rose 3.7% compared with a year earlier. The increase was much bigger than the 2.4% rate in February, just before the Iran war. Apart from the US Fed outcome, a separate inflation measure will be closely tracked on Thursday. A separate inflation measure, the personal consumption expenditures price index, is scheduled to be released on Thursday, October 29. The measure is forecast to have jumped 3.6% in September from a year earlier, up from 3.4% in August, according to AP report. Core prices, which exclude the food and energy categories, are forecast to have risen 3.1%, up from 3% the previous month. Catch all the Business News , Market News , Breaking News Events, JIO IPO Listing Today LIVE and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Log in to our website to save your bookmarks. It'll just take a moment. Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
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