Fed Holds Rates, Three Dissent as War-Fueled Inflation Pressures Central Banks Globally

The Federal Reserve held its benchmark interest rate steady at 3.5%-3.75% on Wednesday, but a rare three‑way dissent signals deepening unease over inflation that’s being stoked by a Middle East war and supply disruptions.

Behind the Data

Three FOMC members—Cleveland Fed’s Beth Hammack, Minneapolis Fed’s Neel Kashkari, and Dallas Fed’s Lorie Logan—voted for a quarter‑point hike, citing concerns that price pressures are becoming entrenched. Chair Kevin Warsh, while...