Fed holds interest rates steady as Iran war drives up oil prices and inflation fears

Jerome Powell resists Trump pressure as policymakers weigh energy shock against a weakening US jobs market

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The US Federal Reserve held interest rates steady for the second time this year, a widely expected move amid turmoil in the Middle East and rising energy prices.

Fed officials faced a confluence of issues to consider in their meeting this week: soaring oil and gas prices, fluctuating inflation that still remains above the Fed’s target of 2%, and a weakened job market that unexpectedly saw 92,000 losses last month.