WATCH: Fed's Kevin Warsh: There Is No Soft Inflation Target | Fed Rate Decision | N18G

U.S. Federal Reserve Chairman Ken Warsh holds a news conference after a two-day policy meeting. U.S. central bank officials are expected to leave the benchmark borrowing rate alone for the fifth straight time. The U.S.’s war on Iran has sent oil prices higher, complicating the Fed’s goals of supporting the labor market while keeping inflation at its 2% target.
Federal Reserve Chair Kevin Warsh faces an unpredictable policy decision with the benchmark federal funds rate held in a target range of 3.5% to 3.75%. Markets expect the central bank to hold rates steady, though rising energy prices and stubborn inflation have left investors pricing in a chance of a surprise rate increase.
At the last Fed meeting in June, committee members signaled their next move on interest rates would likely be up — not down. A wartime spike in gasoline prices pushed the annual inflation rate to 4.2% in May, its highest level in more than three years.
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