Fed Holds Key Interest Rate Steady for 5th Straight Time

Seoul: The U.S. Federal Reserve on Wednesday held its benchmark interest rate steady for the fifth consecutive time amid continuing concerns over the economic impact of renewed fighting in the Iran war and U.S. President Donald Trump's calls to lower borrowing costs. According to Yonhap News Agency, during the two-day Federal Open Market Committee (FOMC) meeting, the central bank decided to leave the rate unchanged at the 3.5-3.75 percent range. The rate decision left the gap between the key rates of South Korea and the United States at up to 1 percentage point. During a press availability earlier this week, Trump called on the Fed to lower the rate, saying that the U.S. should have "the lowest interest rate in the world."