Fed holds rates steady at 3.5%-3.75%, cites elevated inflation from Iran war impact

Federal Reserve kept rates unchanged citing elevated inflation driven by higher oil and energy costs from Iran conflict. Major indices fell: Nasdaq down 0.9%, Dow down 1.6%, S&P 500 down 0.7%. Gold rose 1.2% to $4,076/oz. Oil disruptions and war-related supply shocks keep inflation pressures high, delaying rate cuts traders hoped for.