The Federal Reserve held its benchmark interest rate steady at a target range of 3.5% to 3.75% on Wednesday, marking its third consecutive pause. With higher inflation fueled by geopolitical tensions and a resilient labor market, the central bank left no room for a rate cut — keeping mortgage rates elevated for the foreseeable future.

The decision arrives just as the Department of Justice (DOJ) dropped its investigation into the Fed regarding Chair Jerome Powell’s congressional testimony on a $2 billion headquarters renovation project. The DOJ’s move clears a major political obstacle for Kevin Warsh’s confirmation to succeed Powell, details ⇒

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