Fed Holds Rates At 3.50%-3.75%, Sees Higher Inflation Ahead (UPDATED)

Editor’s Note: Article has been updated with additional information. The Federal Reserve held interest rates unchanged at 3.50%–3.75% for the third straight meeting on Wednesday, as widely expected by market participants. The FOMC statement noted that while economic activity has been expanding at a solid pace, job gains have remained low, and inflation remains somewhat elevated. Fed Governor Stephen Miran was the lo…