Federal Reserve set to keep rates steady before midterm elections
The Federal Reserve is set to keep interest rates steady at its October 28 meeting, even though inflation is still a big issue.
With oil and gas prices climbing (thanks in part to the Iran war) and everyone feeling the pinch at the grocery store, this move comes right before midterm elections.
Fed Chair Kevin Warsh will explain more after the meeting.
September inflation at 3.7%
Inflation hit 3.7% in September, with everyday expenses rising for most people.
The Fed tried raising rates last month for the first time in three years, but things like higher energy prices and the rapid build-out of artificial intelligence infrastructure are keeping prices up.
Mortgage rates are also making it tougher for Americans to afford homes, so all eyes are on what Warsh says next about where policy is headed.