Fed holds rates steady as Powell era nears finish line

Amid the high-stakes backdrop of the ongoing Iran war and surging energy costs, the Federal Reserve voted on Wednesday, to leave interest rates unchanged for the third consecutive meeting. The decision keeps the benchmark federal funds rate at its current range of 3.5% to 3.75%. While the hold was widely expected, the meeting was marked by a historic level of internal division, recording the most dissenting votes since 1992.