US Fed holds interest rates steady despite surging inflation

The US Federal Reserve on Wednesday held interest rates steady, in line with market expectations, days ahead of crucial midterm elections where surging inflation has been a key issue.

The 12-member Federal Open Market Committee voted 10-2 to hold rates at a target range between 3. 75 to 4. 00 per cent, citing the need for more data in the fight against inflation, after having hiked for the first time in three years at…