Fed holds interest rates steady, says inflation remains a problem

The U.S. Federal Reserve left its key interest rate unchanged at its latest meeting. Fed Chair Jerome Powell said inflation remains 'somewhat elevated' and that the central bank is watching energy prices closely, though he dismissed comparisons to 1970s-era 'stagflation.'

Powell noted it's too soon to judge the full economic impact of the war in Ukraine. He described the current situation as 'difficult' and said the Fed is keeping the option of a future rate hike on the table, though it's not the most likely next step.