In a significant press conference, Jerome Powell, the outgoing chair of the US Federal Reserve, confirmed that the key lending rates would remain unchanged in the 3.5% to 3.75% range due to ongoing inflation concerns exacerbated by geopolitical tensions. This decision marks the third consecutive time the Fed has held rates steady. Powell announced that he would step down as chair but intends to remain on the board until the situation surrounding a graft probe is fully resolved. He highlighted that the Federal Open Market Committee (FOMC) had the most dissent since 1992, with four members opposing the decision to hold rates. Powell also expressed worries about the Fed's independence being threatened by legal actions from elected politicians, stating that such assaults could undermine the central bank's authority. Despite these challenges, he conveyed confidence in the Fed's current policy stance, describing it as 'mildly restrictive' and indicating readiness to adjust rates as necessary in response to inflationary pressures.