Inflation concerns prevailed in Kevin Warsh's first FOMC meeting: Fed minutes

The US Federal Reserve, under newly appointed Chairman Kevin Warsh, unanimously held interest rates steady at 3.5-3.75 per cent at its latest FOMC meeting, citing persistent inflation concerns. Participants noted that risks to the inflation outlook remain tilted to the upside, with elevated commodity prices and supply disruptions potentially persisting longer than expected. Inflation forecasts for this year and next were revised higher, though the committee expects total inflation to slow in the second half of the year, reaching the 2 per cent target by 2028.