The U.S. Federal Reserve held its benchmark interest rate at 3.5%-3.75% on Thursday, marking its fifth consecutive pause, as officials pointed to solid economic growth, strong business investment and persistent inflation. The decision passed by a 9-3 vote. Federal Reserve Bank presidents Beth Hammack of Cleveland, Neel Kashkari of Minneapolis and Lorie Logan of Dallas favored a quarter-point increase. Fed Chair Kevin Warsh reaffirmed the central bank’s 2% inflation target and said higher rates could form part of the response if price pressures remain elevated.

South Korean authorities saidthe decision left the future course of U.S. policy unclear. The