WASHINGTON (TNND) — The Federal Reserve held interest rates steady, keeping its benchmark rate in a range of 3.5% to 3.75% as inflation remains elevated and global conflict continues to fuel uncertainty.

“The economy is showing impressive resilience even with recent shocks; the trends are positive and reveal solid growth,” Federal Reserve Chairman Kevin Warsh said.

Warsh said inflation is still running above the Fed’s goal.

“Inflation remains elevated relative to the committee’s 2 percent goal. The committee remains resolute and you’ve heard this before, but we will deliver price stability,” he said.

The decision was not unanimous. Three Fed officials dissented, favoring a quarter-point rate hike, a split that prompted speculation the central bank could raise rates later in the year.

The move marked Warsh’s second interest rate decision since taking the job about two months ago. President Donald Trump, who has repeatedly pushed for lower rates, praised Warsh while criticizing the Fed board for not cutting rates.

“Kevin’s got a board; he’s fantastic. He’s a brilliant guy, smart. I know he’d love to see lower interest rates, but he’s got a board, and it’s a political board, and they want to keep rates up,” Trump said.

Warsh has said he intends to bring prices under control after inflation stayed above the Fed’s 2% target for more than five years. He also reiterated that the central bank would not change that target.

“The path to Central Bank heaven requires delivering on our remit; these days that means delivering on price stability. I wouldn’t measure that path in 42 days or any one particular meeting,” Warsh said.

The ongoing war in Iran has added volatility to prices. Conditions cooled in June, aided by data boosted by a peace deal between the U.S. and Iran, but fighting later re-ignited and has since paused again, creating more uncertainty. Shifting tariff policy could also complicate the inflation outlook.

The next inflation reports due later this week and in early August could offer a clearer picture of whether the Fed will need to adjust interest rates at its next meeting in September.