US Federal Reserve holds interest rates steady despite rising inflation

The Federal Reserve kept its benchmark rate at 3.75 to 4 percent on a 10-2 vote, as September inflation rose to 3.7 percent from 3.4 in August, driven largely by energy prices. Vice Chair for Supervision Michelle Bowman, who had called for a “wait and see” approach earlier this month, said she felt “no urgency for taking further action at this point”. President Trump, who has pushed for lower rates since taking office, wrote after last month's hike that rates “should be 1 percent or less”.

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