Washington DC, July 9 -- The US Federal Reserve meeting on June 16-17 weighed concerns around rising inflation as the lingering impact of tariffs, the closure of the Strait of Hormuz, and the impact of AI buildout raised upside risks.

The meeting was chaired by the newly appointed Fed Chairman Kevin Warsh.

The committee unanimously decided to hold the rates steady at 3.5-3.75 per cent, noting the need to fight persistently high inflation and bring it down to the Fed's comfort level of 2 per cent.

"Participants judged that the risks to the inflation outlook were still tilted to the upside. Many participants noted that elevated commodity prices and supply disruptions could persist longer than currently anticipated," the minutes of the FO...