US Federal Reserve holds rates at 3.75% to 4.00%
Business
The US Federal Reserve is leaving its main interest rate unchanged at 3.75% to 4.00%.
Fed Chair Kevin Warsh made it clear that politics had nothing to do with this move, saying, "Politics played no role in the decision," even though the announcement comes right before the US midterm elections.
Inflation at 3.7%, mortgages above 7%
Inflation is still running high at 3.7%, well above the Fed's 2% goal, and borrowing costs and mortgage rates above 7%, making things tough for anyone looking to buy a home or borrow money.
The Fed's cautious approach is all about trying to cool down prices without hurting economic growth, especially as people feel the pinch from higher costs.