Business report
The US central bank has voted to hold interest rates steady again, as a spike in oil prices since the start of the US-Israel war with Iran raises economic uncertainty and threatens to drive up inflation.
The decision, which was widely expected, left the Federal Reserve’s key interest rate in the range of 3.5%-3.75%, where it has stood since December.
Despite pressure from US President Donald Trump to slash borrowing costs, policymakers have been moving cautiously, as they face a tricky combination of rising prices and mixed signals from the job market.
Analysts say the war has made them even less likely to cut, with markets now pushing back the chance of a rate cut happening into next year.
