The Federal Reserve held interest rates steady on Wednesday, despite high inflation rates. 

Wholesale business inflation was over 6% in May and overall consumer inflation was over 4%, stemming from the economic pressure of the war in Iran. 

Oil prices remain higher than they were prior to the war in Iran, but they fell to under $80 per barrel on Wednesday as the U.S. and Iran are expected to formally sign a memorandum of understanding in Geneva on Friday. 

Wednesday's announcement was the first with Trump nominee Kevin Warsh serving as chair. In February, Trump told NBC News that he wouldn't have nominated Warsh if he didn't think that Warsh would lower interest rates quickly.