US Federal Reserve expected to hold rates steady as inflation swirls

The US Federal Reserve is expected to hold interest rates steady at 3.50 to 3.75 percent for the fifth straight meeting when it announces its FOMC decision. US consumer inflation remains elevated at 3.5 percent year-on-year, well above the Fed's 2 percent long-term target, with several policymakers signalling potential rate hikes ahead. Rising geopolitical tensions in the Middle East have pushed benchmark oil futures above 100 dollars per barrel, adding fresh inflationary pressure to the outlook.