The US Federal Reserve is expected to keep interest rates unchanged this week despite rising inflation, as Americans prepare to vote in the midterm elections.
According to NBC News, the central bank will announce its decision on Wednesday, just days before voters head to the polls.
US inflation rose to 3.7 percent in September, up from 3.4 percent in August and well above the Fed’s 2 percent target.
The Federal Reserve last raised interest rates by 0.25 percentage points in September.
“Inflation remains above our goal,” Fed vice chair Michelle Bowman said earlier this month.
“We have some time to wait and see how financial conditions evolve before we take more action.”
Although some economists believe another rate increase is necessary, officials are expected to avoid making a major decision so close to the elections.
Rising living costs, particularly housing, groceries and fuel, have become major concerns for American voters.
An NBC News poll found that only 27 percent of respondents approved of President Donald Trump’s handling of the cost of living.
The poll also showed widespread concern over higher petrol prices linked to the US war with Iran.
