Fed holds interest rates steady despite Trump’s renewed calls to lower them

Rates remain unchanged for fifth time since December as tenuous Iran peace deal pushes energy prices up again

The US Federal Reserve held interest rates steady on Wednesday in a divided vote, indicating growing pressure on the central bank to address heightened inflation.

The Fed’s federal open market committee voted 9-3 to maintain rates, with three dissenting members indicating a preference to raise the rate by a quarter-percentage point. It was the first time in a decade that three board members shared dissent over a policy decision.

Cooler inflation data published earlier this month may have eased expectations for an imminent rate hike, but Kevin Warsh, the new Fed chair, said in a news conference that the committee was less interested in “any one piece of data” and was more focused on overall trends. The tenuous peace deal between the US and Iran has also sent energy prices creeping up again.