Federal Reserve holds rate at 3.5% to 3.75%, inflation persists
Business
The US Federal Reserve just kept its key interest rate unchanged at 3.5% to 3.75%, sticking to the same level since last December's small cut.
Inflation is still running higher than the Fed's 2% target for the fifth year in a row, so people are watching closely for any signs of future rate hikes.
Three Fed members dissent, India relieved
For the first time since 2016, three Fed members (from Cleveland, Dallas, and Minneapolis) disagreed with holding rates steady: they wanted a hike instead.
Fed Chairman Kevin Warsh says they're focused on keeping inflation in check and ready to act if needed.
The decision also matters for India: it brings short-term relief for markets and currency stability, but rising oil prices and global tensions could still shake things up ahead.