After Quarterly Meeting, Fed Likely to Keep Interest Rates Unchanged despite High Inflation

Federal Reserve policymakers are losing patience with inflation, but they may not be ready to turn their frustration into action -- not this week anyway.

Meeting in Washington Tuesday and Wednesday, the Fed is expected to keep its benchmark interest rate unchanged. Members of the central bank's rate-setting committee may not be so reluctant to act when they gather again Sept. 15-16.

Inflation has been stuck above the Fed's 2 percent target for more than five years. New Fed Chair Kevin Warsh told Congress earlier this month that he had "no tolerance" for elevated inflation. Warsh is presiding over his second policy meeting this week.

Please select this link to read the complete article from The Associated Press.