New Delhi, May 1 -- The US Federal Reserve kept its main policy rate unchanged on Wednesday as Jerome Powell presided over the rate-setting committee's meeting for the last time.

The Fed is concerned about inflation, which has exceeded its 2% target and could rise further as the supply shock caused by the war in West Asia sends prices of goods and services soaring in the US and elsewhere.

Meanwhile, the US economy is humming along nicely, according to the Fed's assessment, which has given it the confidence to wait for a clearer picture of the war's impact to emerge. Powell has refused to give in to pressure from President Donald Trump to cut rates.

What will now be under watch is whether the Fed's stance changes under Kevin Warsh, Trum...