The Federal Reserve kept the benchmark interest rate steady at a range of 3.5% to 3.75% on June 17th.

This was the fourth consecutive meeting this year where officials chose to hold rates steady rather than change them.
This decision marked the first monetary policy meeting chaired by the new Federal Reserve Chair, Kevin Warsh, who succeeded Jerome Powell after Senate confirmation last month.

The Federal Open Market Committee, in its statement, described economic activity as expanding at a steady pace.
The committee noted increasing uncertainty, partly attributed to the conflict in the Middle East.
It also mentioned that supply chain shocks affecting certain sectors, including the energy sector, remain a factor keeping inflation above its target.