The Fed said economic activity is 'expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East.'

The new Fed chairman said he will launch five task forces to review how the central bank conducts its business in critical policy areas.

In its first meeting under new Federal Reserve Chair Kevin Warsh, the Federal Open Market Committee held its benchmark rate steady, reflecting growing concerns about inflation among bank officials. All 12 voting members of the committee agreed to hold rates steady in a range of 3.

The Federal Reserve held interest rates steady on Wednesday, but policymakers expect a hike in borrowing costs later this year amid growing concerns

President Donald Trump has said he expects new Chair Kevin Warsh to lower borrowing costs, but the rate-setting committee may have other ideas.

It was the fourth straight meeting in which the central bank left interest rates unchanged and the first with new Fed Chair Kevin Warsh.

The Federal Reserve elected to leave interest rates unchanged. Several Fed members are signaling higher rates to combat inflation. The Federal Reserve played it safe Wednesday, holding interest rates steady in the first meeting under new chairman Kevin Warsh.

In his debut as chairman, Kevin Warsh stripped away the central bank’s policy hints and committed to bringing inflation down—but wouldn’t say what that will take