Fed Holds Interest Rates Steady Despite Surging Inflation

Illustration by Victoria Sunday/The Daily Beast/Reuters The Federal Reserve on Wednesday kept interest rates steady at its final meeting before next week’s midterm elections.

Donald Trump has demanded that the central bank lower rates but has been repeatedly rebuffed by the Federal Reserve, including its handpicked chairman, Kevin Warsh, as inflation persists. The committee chose to keep the federal funds rate between 3.75 and four percent on Wednesday after it voted to hike the rate at the previous meeting in September.