US Fed Meeting LIVE Updates: Federal Reserve is likely to hold interest rates steady in October

US Fed Meeting LIVE Updates: The US Federal Reserve is expected to leave interest rates unchanged on Wednesday, despite an acceleration in inflation over the past couple of months as the Iran war has driven up oil and gas prices.

The Fed will announce its interest rate decision at 11:30 pm IST on Wednesday. Fed Chair Kevin Warsh’s press conference is scheduled to begin at midnight IST on Thursday (October 29), with investors looking for clues on the central bank’s policy outlook and the possibility of another rate hike in December.

The Fed's latest policy meeting concludes less than a week before the midterm elections, which have focused heavily on concerns about the cost of living and affordability. Consumers have generally soured on an economy weighed down by more expensive gas, groceries, and clothing, among other items.

The Fed, led by Chairman Kevin Warsh, wants to return inflation to its 2% target, which it typically does by raising its short-term interest rate. Higher borrowing costs, over time, can cool spending and slow inflation. The Fed raised its key rate last month for the first time in three years, from about 3.6% to 3.9%, in what many investors and economists perceived was a first step toward a renewed effort to bring down inflation.

Watch this space for all the LIVE US Fed Meeting updates