(Image credit: Getty Images) Stocks sagged ahead of the Federal Reserve's decision to maintain the current target range for the federal funds rate after President Donald Trump rejected a peace offer from Iran that would open the Strait of Hormuz. Central banks around the world are still waiting to see how the war in the Middle East will impact inflation and thus their respective policies on interest rates . The Federal Open Market Committee (FOMC) voted 8-4 to keep the fed funds rate at 3.50% to 3.75%. "Inflation is elevated," the FOMC said in its policy statement, "in part reflecting the recent increase in global energy prices ." As for what comes next, the statement suggests the FOMC will build on its last move, a quarter-point cut in December: "In considering the extent and timing of additional adjustments to the target range for the federal funds rate , the Committee will carefully assess incoming data, the evolving outlook, and the balance of risks." From just $107.88 $24.99 for Kiplinger Personal…