The Federal Reserve kept its key rate unchanged Wednesday at about 3.9% despite stubbornly high inflation, while providing little hint about the central bank's next moves.

Fed chair Kevin Warsh said politics played no role in pause of interest rate hikes, despite inflation remaining above 3%

The US Federal Reserve left interest rates unchanged on Wednesday during its last board meeting before the midterm elections, keeping rates at one of the highest pre-election levels seen in over 20 years.

Two out of 12 board members voted against the pause, preferring to raise rates by a quarter point this meeting, the Fed board said in a statement.

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© Photograph: Brendan Smialowski/AFP/Getty Images

© Photograph: Brendan Smialowski/AFP/Getty Images

© Photograph: Brendan Smialowski/AFP/Getty Images

The central bank is widely expected to hold interest rates steady on Wednesday, just days before the midterm elections.

© Al Drago for The New York Times

The new government, led by Andy Burnham, will deliver its first budget on Wednesday, a plan expected to tread between wide ambition and narrow financial limits.

© Pool photo by Carlos Jasso

Higher mortgage rates and slowing residential construction are again giving landlords the upper hand.

© Grant Hindsley for The New York Times

As next week’s all but certain rate rise looms, there is one thing we can all agree on: the end of war in the Middle East can’t come soon enough

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Jim Chalmers is blaming the latest shocking inflation figures on the worsening Middle East conflict, and he has a point.

The trouble is, voters aren’t buying what the treasurer is selling.

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© Photograph: Lukas Coch/Reuters

© Photograph: Lukas Coch/Reuters

© Photograph: Lukas Coch/Reuters