US Federal Reserve holds interest rates steady

The US Federal Reserve announced on Wednesday that it is holding its benchmark interest rate steady. It is the third straight meeting that the Fed has kept the rate unchanged. Policymakers are concerned that high energy costs could spill over into broader inflation. The Fed kept the figure between 3.5 and 3.75 percent.

Chair Jerome Powell told reporters: "The economic outlook remains highly uncertain, and the conflict in the Middle East has added to this uncertainty in the near term. Higher energy prices will push up overall inflation." Powell added that monetary policy is not on a "preset course" and that he and his colleagues will make decisions on a "meeting-by-meeting basis."