News Wrap: Fed holds interest rates unchanged as inflation remains elevated

Amna Nawaz:

Also today, the Federal Reserve held interest rates unchanged, even as officials acknowledged that inflation remains elevated. In its statement, the Central Bank said today's decision gives officials time to gather more information on how to address rising prices.

Last month, the Fed raised rates for the first time in three years. And, today, two Fed officials called for an additional hike. Speaking to reporters, Fed Chair Kevin Warsh addressed those dissenting views and brushed off any notion that politics played a role with the midterm elections just days away.

Kevin Warsh, Federal Reserve Chairman:

We just came out of a heck of a family fight, a serious, sober discussion. I think we came to the right policy decision for this moment. I just spent two days with my colleagues upstairs. I didn't hear an utterance about politics.

Amna Nawaz:

Warsh also said that he plans to reduce the number of meetings devoted to setting interest rates starting next year.

Alvin Hellerstein, the federal judge overseeing the prosecution of former Venezuelan President Nicolas Maduro, died today at the age of 92. He appeared at a hearing in that case just this month. It will now be randomly handed off to another judge, as will his other cases. The New York native spent nearly three decades on the bench, where he oversaw cases involving nine 11 victims and Donald Trump's hush money lawsuit, among many others.

Colleagues described him as personable to the people in his court and careful with procedure. A court official says Alvin Hellerstein died of natural causes.

In California, a federal judge says the top U.S. prosecutor in Los Angeles is serving in the role unlawfully. Bill Essayli was also barred from overseeing certain cases. He's technically the first assistant U.S. attorney, but the judge said that, in reality, he's the -- quote -- "de facto United States attorney."

And such a role can only be filled on an acting basis for 120 days without Senate confirmation. In a statement, Essayli said he disagreed with the ruling and that the case will ultimately be decided by the Supreme Court.

Hundreds of passengers aboard a U.S. cruise ship found themselves stranded in Cambodia after their trip was cut short due to high fuel prices. The MV Odyssey was about two years into a three-year global voyage when its owners pulled the plug, citing rising energy costs due to the Iran war.

Its Florida-based operator says it's working on temporary living arrangements for passengers. Some paid hundreds of thousands of dollars for a suite on the ship, and there was widespread disappointment at the trip's early termination.

Steve Skulnich, MV Odyssey Passenger:

We got thrown off the ship yesterday. They ran out of money. They don't have any money for fuel, so they told us we all have to get off.

Russ Borman, MV Odyssey Passenger:

A lot of people now have no place to go. This was their home. They put all of their money -- sold their home back in the U.S. or Australia or wherever they're from, but now they have nowhere to go.

Amna Nawaz:

According to Cambodian officials, the ship had been carrying more than 200 passengers, most of them Americans, and 156 crew members. The vessel itself is docked at a Cambodian port with no planned departure date.

Well, "LIFE" magazine is making a comeback, returning to print next month as a quarterly publication. Launched in 1936, "LIFE" became a fixture on the nation's collective coffee table with its trademark red box logo and commitment to visual storytelling. But media habits changed over the years, and the magazine ceased publication nearly two decades ago.

Model and entrepreneur Karlie Kloss is backing "LIFE'"s reboot, which will also include a Web site, social media presence and videos. But it faces an increasingly challenging media landscape that is vastly different from its mid-century peak.

A group of investors led by billionaire Nelson Peltz is offering to buy Wendy's for around $1.4 billion. That amounts to a nearly 20 percent premium over the stock's closing prices yesterday before the offer. The burger chain has struggled in recent years amid competition from the likes of In-N-Out Burger and Five Guys, as well as a recent spike in beef prices. Shares of Wendy's ended 15 percent higher today after the news.

Elsewhere on Wall Street, stocks posted modest gains after the Fed held steady on interest rates. The Dow Jones industrial average added nearly 100 points. The Nasdaq rose about a quarter-of-1-percent. The S&P 500 also ended in positive territory.