Federal Reserve keeps interest rates between 3.5% and 3.75%

The Federal Reserve (Fed) kept interest rates within a range of 3.5% to 3.75% at the first monetary policy meeting chaired by Kevin Warsh.

The decision was approved unanimously, with 12 votes in favor and none against.

"The Committee decided to maintain the target range for the federal funds rate at 3-1/2 to 3-3/4 percent," the Fed reported via a statement, adding that it “reaffirmed its policy of maintaining ample reserves in the banking system.”

"Economic activity is expanding at a solid pace despite elevated uncertainty that owes, in part, to the conflict in the Middle East. Productivity growth and capital investment are strong. Job gains have kept pace with the workforce, and the unemployment rate has changed little," the Fed stated.

Warsh took over as Fed chair a few weeks ago.