The Federal Reserve has voted to maintain its current interest rate at the current level despite the ongoing Iran war and conflicting economic signals. Iran's blockade of the Strait of Hormuz has led to high oil prices and a significant supply disruption, raising concerns about inflation. While Fed officials have been divided on their economic views, some argue that they are open to further reductions in interest rates. The personal consumption expenditures index, the Fed's preferred inflation gauge, showed persistently elevated in February, even before the US and Israel's joint air strikes on Iran began. The US economy grew at a sluggish 0.7% from October to December, raising fears of "stagflation".