The US Federal Reserve left its key interest rate unchanged Wednesday, although three officials dissented in favour of higher rates as the central bank wrestles with how to deal with persistently high inflation. The Fed’s rate-setting committee reached its decision after two days of deliberations, marking the fifth straight meeting at which the benchmark rate was kept at around 3.6 per cent.

The US Federal Reserve left interest rates unchanged on Wednesday in a range of 3.5% to 3.75%, the fifth consecutive meeting without a move, in a decision that exposed an unusual…

The central bank appeared divided over future interest rate moves.

Investors had largely expected that the Fed would hold interest rates steady, given ongoing concerns with high inflation.