US Fed holds interest rates at 3.75%-4% ahead of midterms

The US Federal Reserve has kept interest rates unchanged at 3.75% to 4%, less than a week before the midterm elections. The pause follows September's hike, the central bank's first rate increase in three years. Fed Chair Kevin Warsh said the consensus was that the tightening was starting to work. Rate decisions affect borrowing costs from mortgages to car loans.