Fed holds main interest rate steady despite accelerating inflation

Two policymakers on the Federal Open Market Committee dissented in favor of raising the federal funds rate by 0.25 percentage point.

Hammack and other policymakers in recent months have voiced concern that inflation will speed up and prove more difficult to curb without a timely increase in borrowing costs.

Indeed, central bank officials during their two-day gathering engaged in a heated discussion about inflation, Fed Chair Kevin Warsh said in a post-meeting press conference.

“We just came out of a heck of a family fight — serious, sober discussion,” he said.

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